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The BRICS group consisting of Brazil, Russia, India, China, and South Africa is collaborating on developing a payment system using blockchain and digital technologies, informedTASS. Not only governments and businesses, this system will also benefit individuals and common people. As Russian diplomat Yuri Ushakov confirmed, the new payment mechanism will use ‘state-of-the-art’ technology, including digital assets and crypto. Depending on how it works, society at all levels could benefit from this system. 
JUST IN: BRICS announces creation of independent payment system based on cryptocurrency and blockchain.— BRICS (@BRICSinfo) BRICS new payment methods 
BRICS will play a bigger role in the international monetary system this year as part of a specific task. As part of its de-dollarization effort, the BRICS grouping has been trying to reduce its reliance on dollars in settlements. Yury Ushakov pointed out, “Work will continue to develop the Contingent Reserve Arrangement, primarily regarding the use of currencies different from the US dollar.”&nbsp;
Through the new payment system, BRICS can compete with the <a href="https://news.todayq.com/us-dollar-losing-ground-as-stablecoins-dominate-crypto-exchanges-bitcoin-outperforms-ethereum/" target="_blank" rel="noopener noreferrer nofollow">US dollar</a> by settling cross-border transactions. This will put pressure on the US dollar, making its supply and demand dip.
“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,” stated Kremlin aide Yury Ushakov in an interview with TASS. This isn’t a new thought process 
During discussions held in 2019, the BRICS association explored the idea of creating a digital currency to facilitate trade within the bloc and reduce dependence on the US dollar for settlements.
A digital currency proposal was put forward by the BRICS business council during a meeting in Brazil, where they also discussed a new payment system. The BRICS group was formed in 2006 to enhance economic and political cooperation.
However, specific details regarding the exact date for the launch of the new BRICS payment system was not disclosed by Ushakov. More information about the mechanism will most likely be reported during the 16th summit scheduled for October of the same year.
Recent reports from TASS indicated that Russia’s Finance Ministry, the <a href="https://news.todayq.com/bank-of-russia-to-create-special-authorized-institutions-for-crypto-mining-and-international-transactions/" target="_blank" rel="noopener noreferrer nofollow">Bank of Russia</a> and other BRICS partners are collaborating to develop the BRICS Bridge multisided payment platform. Aiming for the betterment of the global monetary system.
Furthermore, in February, Klaas Knot, Chair of the Financial Stability Board, highlighted in a letter to finance ministers from the G20 countries that priorities include crypto assets, tokenization, and artificial intelligence (AI).
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De-dollarization? BRICS plan crypto payment system

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