BRICS Concerned About Dollar Dependency: Introducing Blockchain-Based Payment System

BRICS’ aims to boost its function within the world financial panorama align completely with the plan to make use of blockchain. These modifications won’t introduce any unified BRICS foreign money, however the system will operate equally to SWIFT – enabling transactions in national currencies through blockchain know-how. Integration with digital variations of currencies just like the ruble, yuan, and rupee is imminent.

The place’s Russia in All This?

Russia is a driving power behind this initiative and is advancing its digital foreign money agenda. The Central Financial institution of Russia (CBR) is about to launch the digital ruble in 2025, after a profitable pilot part involving industrial banks.

First Deputy Governor of the Financial institution of Russia, Olga Skorobogatova, expects actual transactions to start following intensive preparations, together with pockets openings, shopper transfers, and commerce funds. It will mark a major stride in direction of a digital foreign money future.