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<h4><strong>According to a recent report by the <a href="https://tass.com/politics/1755521" target="_blank" rel="noopener">Russian news agency TASS</a>, the group plans to develop a blockchain and digital technology-based payment system. </strong></h4> 
<p>This initiative is a strategic effort to boost the consortium’s influence in the global monetary system through digital innovation.</p> 
<h5><strong>BRICS’ Strategic Leap into Digital Finance</strong></h5> 
<p>The decision to create a new payment system comes at a time when digital currencies and blockchain technologies are gaining unprecedented attention worldwide. BRICS aims to decrease dependence on Western financial systems with innovative tech. This step towards financial autonomy may lead to a more equitable global economy.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">BRICS Announces New Blockchain-Based Crypto Payment System<a href="https://t.co/Qo39XQwcBD">https://t.co/Qo39XQwcBD</a></p> 
 <p>— BRICS (@BRICSinfo) <a href="https://twitter.com/BRICSinfo/status/1764899811965194412?ref_src=twsrc%5Etfw">March 5, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>The proposed payment system aims to facilitate smoother, faster, and more secure cross-border transactions among the BRICS nations. By doing so, it seeks to improve economic cooperation and trade within the bloc, potentially leading to increased stability and growth for these economies. Moreover, blockchain’s transparency and fraud reduction make it a superior alternative to current financial networks.</p> 
<p>This initiative is part of a broader effort by BRICS to assert a more substantial influence in the international monetary system. Over the years, The group has advocated for a multipolar world order that reflects emerging economies’ interests. BRICS’ <a href="https://www.altcoinbuzz.io/?s=payment" target="_blank" rel="noopener">blockchain payment system</a> is a step towards challenging established financial dominance.</p> 
<h5><strong>More About BRICS</strong></h5> 
<p>BRICS has expanded into a nine-member bloc, now including Brazil, Russia, India, China, South Africa, the United Arab Emirates, Egypt, Iran, and Ethiopia. This expansion reflects the bloc’s growing influence and ambition on the global stage. Saudi Arabia, a key player in the global oil market, has been invited to join the alliance too.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">BRICS To Control 37% of World's GDP: West To Fall Below 28%<a href="https://t.co/Yg37WRMZrd">https://t.co/Yg37WRMZrd</a></p> 
 <p>— BRICS (@BRICSinfo) <a href="https://twitter.com/BRICSinfo/status/1764736023697723418?ref_src=twsrc%5Etfw">March 4, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>While the Kingdom has not yet decided against its inclusion, its potential membership could significantly enhance BRICS’s strategic position. Saudi Arabia’s addition would not only bolster the bloc’s control over the global oil supply but also increase its share of global GDP, marking a pivotal shift in the balance of economic power worldwide.</p> 
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="aligncenter wp-image-124240" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg" sizes="(max-width: 714px) 100vw, 714px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1068x132.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1.jpg 1197w" alt="Coins" width="714" height="88"></a></p> 
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<p><strong>Disclaimer</strong><br> The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/brics-nations-to-develop-blockchain-based-payment-system/">BRICS Nations to Develop Blockchain-Based Payment System</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

BRICS Nations to Develop Blockchain-Based Payment System

Altcoin Buzz

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