Efforts to Dollarize Intensify as BRICS Nations Announce Development of Blockchain Payment System

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“Blockchain Payment System” under construction by BRICS countries
CBDC pilot launched in Russia
“Blockchain Payment System” under construction by BRICS countries
According to Russian media outlet TASS, the BRICS group made up of Brazil, Russia, India, China, and South Africa is actively working on building a blockchain-based digital payment system.
Yury Ushakov, assistant to the Kremlin, stated in an interview with TASS:
We believe that creating an independent payment system for BRICS countries will be an important goal for the future. This system will be based on digital technology, blockchain, and other advanced mechanisms, ensuring easy access and cost-effectiveness for governments, businesses, and the public while avoiding political interference.
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BRICS countries have been reducing their reliance on settlements in US dollars. Yury Ushakov pointed out that emergency reserve mechanisms will still exist, primarily involving the use of non-US dollar currencies.
CBDC pilot launched in Russia
Russia initiated a digital ruble pilot in August of last year, which will involve several stages and is expected to be completed by 2023 and 2024.
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Russia officially starts the digital ruble pilot, individuals exempt from transaction fees
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Blockchain
BRICS countries
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