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<img width="1280" height="720" src="https://coingape.com/wp-content/uploads/2019/11/brics.jpg" class="attachment-full size-full wp-post-image" alt="Breaking: BRICS Plan Digital Currencies and Blockchain Based Payment System for De-Dollarization" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2019/11/brics.jpg 1280w, https://coingape.com/wp-content/uploads/2019/11/brics-300x169.jpg 300w, https://coingape.com/wp-content/uploads/2019/11/brics-768x432.jpg 768w, https://coingape.com/wp-content/uploads/2019/11/brics-1024x576.jpg 1024w, https://coingape.com/wp-content/uploads/2019/11/brics-678x381.jpg 678w" sizes="(max-width: 1280px) 100vw, 1280px">
BRICS, an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates, announces the creation of an independent payment system based on digital currencies and <a href="https://coingape.com/glossary/blockchain/" target="_blank" rel="noopener">blockchain</a>. 
<h2 id="brics-digital-currencies-and-blockchain-based-payment-system">BRICS Digital Currencies and Blockchain-Based Payment System</h2> 
Russia’s Kremlin aide Yury Ushakov in an interview with Russian News Agency TASS <a rel="nofollow" href="https://tass.com/politics/1755521" target="_blank">revealed</a> work to create an independent payment system based on digital currencies and blockchain. It is part of the BRICS Contingent Reserve Arrangement&nbsp;(CRA) framework to protect against global liquidity pressures including adverse affect of global financial pressures. 
It is a big announcement by the BRICS nations as they primarily push for the use of currencies different from the US dollar. The <a href="https://coingape.com/web-stories/brics-vows-to-end-us-dollar-dominance-in-2024/" target="_blank" rel="noopener">de-dollarization effort</a> has gained significantly amid the recent inflation and economic slowdown. 
“We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain. The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics,” Yury Ushakov said. 
He added that the nations will work to improve the role of BRICS in the international monetary and financial system. The BRICS CRA is generally seen as a competitor to the International Monetary Fund (IMF). 
Also Read: <a title="Breaking: US SEC Files Coinbase Insider Case as Supplemental Authority in Binance Suit" href="https://coingape.com/us-sec-files-coinbase-insider-case-as-supplemental-authority-in-binance-suit/" target="_blank" rel="bookmark noopener">US SEC Files Coinbase Insider Case as Supplemental Authority in Binance Suit</a> 
<h2 id="brics-on-breaking-dollar-dominance">BRICS on Breaking Dollar Dominance</h2> 
Recent reports revealed cooperation between the Russian Finance Ministry, the Bank of Russia, and BRICS nations to prepare a number of initiatives to improve the international monetary and financial system. This includes the creation of the BRICS Bridge multisided payment platform. 
<a href="https://coingape.com/brics-saudi-arabia-iran-and-3-others-join-the-bloc/" target="_blank" rel="noopener">BRICS</a> welcomed Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) to join the de-dollarization drive while improving the international monetary and financial system. 
Also Read: <a href="https://coingape.com/south-korea-mulls-spot-bitcoin-etf-approval-btc-price-nears-ath/" target="_blank" rel="noopener">South Korea Mulls Spot Bitcoin ETF Approval As BTC Price Nears ATH</a> 
The post <a href="https://coingape.com/brics-plan-blockchain-and-digital-currencies-based-payment-system/">Breaking: BRICS Plans Digital Currencies and Blockchain Based Payment System for De-Dollarization</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Breaking: BRICS Plans Digital Currencies and Blockchain Based Payment System for De-Dollarization

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