BRICS challenges dollar with cryptocurrency payment system

BRICS member Russia announced the creation of New Blockchain-Based Payment System on Tuesday. The payment mechanism, based on blockchain and cryptocurrency, will be an independent system for commercial settlements. This new BRICS payment system will be deployed as a Alternative to the US dollar.

Payment systems want to be friendly to governments, companies, and even ordinary citizens. Therefore, if the system is successful, a variety of hierarchies ranging from governments to the average man could benefit greatly.

Russian diplomat Yuri Ushakov confirmed that the new BRICS payment mechanism will have cutting-edge technology Blockchain will include digital assets and cryptocurrencies.

Potential challenge to the US dollar

BRICS could counter the US dollar with a payment system, allowing member states and other developing countries to make payments cross border transactions In the new system. This development will increase pressure on the US dollar, which will reduce its supply and demand in the global market.

Ushakov stressed that this year is a specific task for BRICS Improve your global presence in the financial system, The payment system will be the first step in propelling the alliance on a new path to global dominance.

“We believe that creating a BRICS-independent payment system is an important goal for the future, which will be based on digital technologies and cutting-edge tools such as blockchain. The main thing is to ensure that it is convenient for governments, common people and businesses, as well as profitable and free from politics.”

However, Ushakov did not give any tentative timeline for the launch of the new BRICS payment system. The new mechanism is likely to be presented at the 16th summit in October this year.