BRICS Nations Forge Blockchain Payment System to Sidestep US Dollar

In a significant move towards de-dollarization, the BRICS bloc, led by China and Russia, announces the creation of a blockchain-based payment network.

• The BRICS bloc, comprising Brazil, Russia, India, China, and South Africa, aims to reduce reliance on the US dollar by developing a blockchain and digital currency-supported payment system.
• The initiative, highlighted in the 2023 Johannesburg Declaration, seeks to increase settlements in national currencies and enhance the Contingent Reserve Arrangement for mutual support during currency crises.
• The new payment system is designed to be convenient, cost-effective, and politically neutral, catering to governments, businesses, and the general public.
• Over 40 countries have expressed interest in joining the BRICS initiative, seeking alternatives to the US dollar amidst concerns over currency risk and US sanctions.
• The Financial Stability Board continues to work with the G20 on global digital currency regulations, emphasizing the growing international focus on digital financial infrastructure.

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