Share this article
BRICS Will Create Payment System Based on Digital Currencies and Blockchain: Report
For some time now, the BRICS grouping has been making efforts to reduce its reliance on U.S. dollars in settlement.
Updated Mar 8, 2024, 10:36 p.m. Published Mar 5, 2024, 5:40 a.m.
Make us preferred on Google
- The BRICS grouping will create a payment system based on blockchain.
- The effort is part of a specific task for this year to increase the role of BRICS in the international monetary system.
The five-nation BRICS group comprising Brazil, Russia, India, China and South Africa will work on creating a payment system based on blockchain and digital technologies, a report by Russian news agency TASS said.
“We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain. The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics,” Kremlin aide Yury Ushakov said in an interview with TASS.
STORY CONTINUES BELOW
The effort is part of a specific task for this year to increase the role of BRICS in the international monetary system. For some time now, the BRICS grouping has been making efforts to reduce its reliance on U.S. dollars in settlement, also known as de-dollarization.
“Work will continue to develop the Contingent Reserve Arrangement, primarily regarding the use of currencies different from the US dollar," Ushakov said.
Last week, another TASS report said Russia’s Finance Ministry, the Bank of Russia and BRICS partners will create the BRICS Bridge multisided payment platform in an effort to improve the global monetary system.
Also in February, Klaas Knot, the Chair of the Financial Stability Board, which keeps an eye on the global financial system, wrote to finance ministers from the Group of 20 (G20) countries that crypto assets, tokenization and artificial intelligence (AI) remain priorities.
Read More: Stablecoins: A Potential Counter to De-Dollarization
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Crypto bill clears U.S. Senate milestone as effort advanced through first committee
The market structure legislation for the first time advanced beyond a committee, setting up the next steps that could end with a vote of the overall chamber.
What to know:
- After a brief series of amendments were rejected, the U.S. Senate Agriculture Committee voted to advance its version of the crypto market structure bill to its next phase.
- That a high-water mark for market structure legislation in the Senate, after years of negotiation and lobbying, but the bill still needs to same treatment at the Senate Banking Committee.
- It's also lacking Democratic support that would be required for an eventual passage in the overall Senate, though Democrats remain at the negotiating table.
