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.
- 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
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
U.S. CFTC's Pham Moves for Do-Over on 'Actual Delivery' Guidance on Crypto
In what are likely her final days at the agency, the acting chairman checked another box from President Donald Trump's crypto agenda.
What to know:
- One of the leading U.S. regulators for crypto activity, the Commodity Futures Trading Commission, has scrapped its earlier definition for how assets change hands in a crypto commodities transaction.
- Acting Chairman Caroline Pham said the earlier guidance on "actual delivery" was withdrawn as part of President Donald Trump's efforts to create friendly crypto policies.
Top Stories
