BRICS Nations to Develop Blockchain-Based Payment System

15 views 10:31 am 0 Comments July 26, 2024

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.

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.

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.

Coins

Coins

[embedded content]

Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.