- March 5, 2024
- Posted by: [email protected]
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The BRICS nations are prepared to make considerable progress toward financial sovereignty and resilience to external economic pressures by developing an autonomous blockchain-based payment system. This forward-looking initiative, spearheaded by Kremlin aide Yury Ushakov, marks a crucial step for the coalition as it endeavors to reduce its reliance on the US dollar, a move that aligns with broader geopolitical and economic shifts.
The deployment of cutting-edge digital technologies and blockchain solutions is at the heart of this ambitious undertaking. Ushakov’s emphasis on creating a system that is not only state-of-the-art but also user-friendly for governments, businesses, and ordinary citizens underscores a commitment to inclusivity and practicality. By leveraging digital currencies and blockchain, BRICS aims to create a seamless and cost-effective platform for global transactions, fostering financial interactions independent of external political influence.
At the core of this initiative is the recognition, as articulated in the 2023 Johannesburg Declaration, that the use of national currencies for settlements can bring about widespread benefits. The commitment to fast, inexpensive, transparent, safe, and inclusive payment systems reflects a shared vision among BRICS leaders. This vision extends to aligning with the G20 Roadmap on Cross-Border Payments, a strategy that demonstrates the coalition’s determination to enhance cross-border financial transactions.
The declaration further emphasizes the importance of sharing experiences and best practices among BRICS members in the realm of payment infrastructures. This collaborative approach not only strengthens internal cohesion but also positions BRICS as a collective force for positive change in the global financial landscape.
Beyond the technological aspects, the BRICS nations, initially comprising Brazil, Russia, India, and China, expanded their alliance to include South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates. The potential inclusion of Saudi Arabia, subject to conflicting reports, adds a layer of complexity and anticipation to the geopolitical dynamics within the coalition.
As the BRICS nations work toward establishing a digital currency and blockchain-based payment system, the overarching goal remains clear: to forge a path towards financial autonomy and reduce dependency on traditional financial structures dominated by the US dollar. This initiative not only signifies a commitment to innovation but also reflects a strategic vision for a more multipolar and resilient global financial ecosystem.
