tl;dr
**Summary** Russia, as a member of the BRICS alliance, has announced the development of a new blockchain-based payment system to be used for transactions among BRICS member nations. The alliance, consisting of Brazil, Russia, India, China, and South Africa, is collaborating to develop this system a...
**Summary** Russia, as a member of the BRICS alliance, has announced the development of a new blockchain-based payment system to be used for transactions among BRICS member nations. The alliance, consisting of Brazil, Russia, India, China, and South Africa, is collaborating to develop this system as part of a broader strategy to amplify BRICS’ influence within the international monetary framework. The move towards a blockchain-based payment system aligns with global financial trends, and the alliance is also actively working towards de-dollarization in international settlements. The announcement was made by Kremlin aide Yury Ushakov and highlighted the significance of this initiative, emphasizing the need for a system that is not only convenient for governments, businesses, and the general population but also free of political influence and economically efficient. The new system aims to increase settlements in national currencies and diversify correspondent banking networks to ensure the security of international transactions. The BRICS group has also been actively working toward de-dollarization and developing the Contingent Reserve Arrangement using currencies other than the U.S. dollar. This aligns with global financial trends, as Klaas Knot, Chair of the Financial Stability Board, emphasized the importance of new technologies in maintaining global financial stability.
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