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BRICS Countries Building “Blockchain Payment System”
Russia Launches CBDC Pilot
BRICS Countries Building “Blockchain Payment System”
According to Russian media outlet TASS, the BRICS group consisting of Brazil, Russia, India, China, and South Africa is working on creating a payment system based on blockchain and digital technology.
Yury Ushakov, an aide to the Kremlin, stated in an interview with TASS:
We believe that building an independent payment system for BRICS countries will be an important goal for the future. This system will be based on advanced mechanisms such as digital technology and blockchain, and will ensure ease of use for governments, businesses, and the public, while being cost-effective and free from political interference.
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BRICS countries have been reducing their dependence on settlements in US dollars. Yury Ushakov pointed out that emergency reserve mechanisms will still exist, mainly involving the use of non-US dollar currencies.
Russia Launches CBDC Pilot
Russia launched a digital ruble pilot in August last year, which will include several stages and is expected to be completed by 2023 and 2024.
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Russia’s digital ruble pilot officially begins, individuals exempt from fees
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Blockchain
BRICS countries
Further reading
Vitalik Buterin’s article: The Prospects and Challenges of AI and Blockchain Integration
“BitMEX Returns to Taipei” successfully concludes, Arthur Hayes and Taiwanese KOL discuss market trends