In an effort to develop a blockchain and digital currency-based payment system within the BRICS nations, Kremlin aide Yury Ushakov revealed the initiative during a TASS interview.
MOSCOW, March 5. According to Yury Ushakov, a key aide from the Kremlin, BRICS is setting its sights on establishing a sovereign payment mechanism leveraging cutting-edge blockchain and digital currency technologies. This initiative aims to create a system that not only serves the needs of governments, the public, and the business sector efficiently but also remains economically viable and politically neutral.
“Our goal is to forge an independent BRICS payment network, embracing the latest digital and blockchain technologies, to ensure it’s beneficial and accessible for all stakeholders involved, devoid of any political influences,” he stated.
Ushakov highlighted the agenda for the year, emphasizing enhancing BRICS’s influence within the global monetary and financial frameworks. He reminded of the commitments made in the 2023 Johannesburg Declaration, where BRICS leaders concentrated on promoting transactions in their own currencies and bolstering the correspondent banking network for safer international transactions. He underscored the ongoing efforts to evolve the Contingent Reserve Arrangement with a special focus on diversifying beyond the US dollar.
This strategic move by BRICS underlines a concerted effort to advance financial autonomy and innovation within the bloc, aiming to establish a more balanced and inclusive global economic order.
