Russia, a member of the BRICS alliance, announced the development of a new blockchain-based payment system to revolutionize trade settlements. The system is set to become an independent mechanism for conducting transactions among BRICS member nations. The BRICS alliance, consisting of Brazil, Russia, India, China, and South Africa, plans to collaborate on developing a payment system utilizing blockchain technology and digital innovations. This development is part of a broader strategy to amplify BRICS’ influence within the international monetary framework.The BRICS group has also been actively working toward de-dollarization, seeking alternatives to the U.S. dollar in international settlements.
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