MEXCBreaking: BRICS Plans Digital Currencies and Blockchain Based Payment System for De-Dollarization
Highlights
- BRICS announces creation of independent payment system based on digital currencies and blockchain.
- Russia's Kremlin aide Yury Ushakov revealed further work on BRICS Contingent Reserve Arrangement (CRA) framework
- The move comes amid efforts to use currencies different from the US dollar, increasing de-dollarization
BRICS, an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates, announces the creation of an independent payment system based on digital currencies and blockchain.
BRICS Digital Currencies and Blockchain-Based Payment System
Russia’s Kremlin aide Yury Ushakov in an interview with Russian News Agency TASS revealed work to create an independent payment system based on digital currencies and blockchain. It is part of the BRICS Contingent Reserve Arrangement (CRA) framework to protect against global liquidity pressures including adverse affect of global financial pressures.
It is a big announcement by the BRICS nations as they primarily push for the use of currencies different from the US dollar. The de-dollarization effort has gained significantly amid the recent inflation and economic slowdown.
“We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain. The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics,” Yury Ushakov said.
He added that the nations will work to improve the role of BRICS in the international monetary and financial system. The BRICS CRA is generally seen as a competitor to the International Monetary Fund (IMF).
Also Read: US SEC Files Coinbase Insider Case as Supplemental Authority in Binance Suit
BRICS on Breaking Dollar Dominance
Recent reports revealed cooperation between the Russian Finance Ministry, the Bank of Russia, and BRICS nations to prepare a number of initiatives to improve the international monetary and financial system. This includes the creation of the BRICS Bridge multisided payment platform.
BRICS welcomed Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) to join the de-dollarization drive while improving the international monetary and financial system.
Also Read: South Korea Mulls Spot Bitcoin ETF Approval As BTC Price Nears ATH
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Related Articles
- Strategy Raises $715M to Buy More Bitcoin Through New Preferred Stock
- JPMorgan Reveals $340M BlackRock Bitcoin ETF Bet Amid Crypto Treasury Decline
- Arthur Hayes Bets Big on Zcash as It Tops $10B and Surpasses Hyperliquid
- Kalshi Sees Nearly 50-Day Shutdown As Bitcoin Now Mirrors Nasdaq
- Breaking: Crypto Market Structure Bill Faces Delay Amid U.S Senate Drafting Issues
- NEAR Protocol Price Surges 37% as Open Interest Jumps 59% — Is $5 the Next Target?
- Can Ethereum Price Break Below $3k as Exchange Reserves Hit Record Lows?
- Avalanche Price Nears 60% Jump Ahead of Granite Upgrade as AVAX Burn Rate Jumps
- Bitcoin Price Crashes Below $100K: What’s Driving the Drop?
- Zcash Price Surges 24% as November 2025 Halving Hype Grows – Is $1,000 Next?
- Shiba Inu Price Soars 5%: Is SHIB About to Erase Another Zero?
