Trends
BRICS announces blockchain payment system as US$ alternative
Russia has announced to utilise a new blockchain-based payment system within the BRICS alliance, intending to be user-friendly. A new blockchain-based payment system will be utilised in BRICS BRICS member Russia on Tuesday announced the creation of a new blockchain-based payment system. The blockcha…
Headline
Russia has announced to utilise a new blockchain-based payment system within the BRICS alliance, intending to be user-friendly. A new blockchain-based payment system will be utilised in BRICS BRICS member Russia on Tuesday announced the creation of a new blockchain-based payment…
Context
Russia has announced to utilise a new blockchain-based payment system within the BRICS alliance, intending to be user-friendly. BRICS member Russia on Tuesday announced the creation of a new blockchain-based payment system. Th e blockchain and cryptocurrency-based payment mechanism will be an independent trade settlement system . The new BRICS payment system will be positioned as an alternative to the US dollar.
Evidence
Pending intelligence enrichment.
Analysis
The payment system is intended to be friendly to governments, businesses and even ordinary citizens. Therefore, if the system is successful, all segments of the population, from governments to ordinary people, will benefit greatly from it. Russian diplomat Yuri Ushakov confirmed that the new BRICS payment mechanism will use state-of-the-art technology to incorporate digital assets and cryptocurrencies into the blockchain. Also read: Alipay launches blockchain vouchers at milk tea shops in Asia The BRICS payment system challenges the United States dollar by allowing member countries and other developing countries to settle cross-border transactions under a new mechanism. This development will increase pressure on the US dollar and reduce its supply and demand on the global market.
Key Points
- Russia has announced the development of a new blockchain-based payment system within the BRICS alliance, aiming to offer an alternative to the US dollar for trade settlements.
- The system is intended to be user-friendly, benefiting governments, businesses, and citizens, and will incorporate digital assets and cryptocurrencies on the blockchain.
- The establishment of this payment system is seen as a strategic move by BRICS to enhance its global financial presence, with the specific timeline for its launch likely to be revealed at the 16th summit in October.
Actions
Pending intelligence enrichment.
