According to a recent report by the Russian news agency TASS, the group plans to develop a blockchain and digital technology-based payment system.
This initiative is a strategic effort to boost the consortium’s influence in the global monetary system through digital innovation.
BRICS’ Strategic Leap into Digital Finance
The decision to create a new payment system comes at a time when digital currencies and blockchain technologies are gaining unprecedented attention worldwide. BRICS aims to decrease dependence on Western financial systems with innovative tech. This step towards financial autonomy may lead to a more equitable global economy.
BRICS Announces New Blockchain-Based Crypto Payment Systemhttps://t.co/Qo39XQwcBD
— BRICS (@BRICSinfo) March 5, 2024
The proposed payment system aims to facilitate smoother, faster, and more secure cross-border transactions among the BRICS nations. By doing so, it seeks to improve economic cooperation and trade within the bloc, potentially leading to increased stability and growth for these economies. Moreover, blockchain’s transparency and fraud reduction make it a superior alternative to current financial networks.
This initiative is part of a broader effort by BRICS to assert a more substantial influence in the international monetary system. Over the years, The group has advocated for a multipolar world order that reflects emerging economies’ interests. BRICS’ blockchain payment system is a step towards challenging established financial dominance.
More About BRICS
BRICS has expanded into a nine-member bloc, now including Brazil, Russia, India, China, South Africa, the United Arab Emirates, Egypt, Iran, and Ethiopia. This expansion reflects the bloc’s growing influence and ambition on the global stage. Saudi Arabia, a key player in the global oil market, has been invited to join the alliance too.
BRICS To Control 37% of World's GDP: West To Fall Below 28%https://t.co/Yg37WRMZrd
— BRICS (@BRICSinfo) March 4, 2024
While the Kingdom has not yet decided against its inclusion, its potential membership could significantly enhance BRICS’s strategic position. Saudi Arabia’s addition would not only bolster the bloc’s control over the global oil supply but also increase its share of global GDP, marking a pivotal shift in the balance of economic power worldwide.
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