TechFlow news: The BRICS intergovernmental organization, composed of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates, has announced the establishment of an independent payment system based on digital currency and blockchain technology.
Yury Ushakov, Assistant to the Russian President at the Kremlin, revealed during an interview with Russian news agency TASS the ongoing work to establish this independent payment system leveraging digital currencies and blockchain. This initiative is part of the BRICS Contingent Reserve Arrangement (CRA) framework, aimed at safeguarding against global liquidity pressures and mitigating adverse impacts from global financial instability.
Yury Ushakov stated: “We believe that building an independent BRICS payment system is an important goal for the future, one that will rely on cutting-edge tools such as digital technologies and blockchain. Most importantly, it must be convenient, cost-effective, and free from political influence for governments, ordinary citizens, and businesses alike.”
