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Kremlin announces creation of blockchain-based payment system in BRICS

Work will continue to develop the Contingent Reserve Arrangement, primarily regarding the use of currencies different from the US dollar," the Kremlin aide Yury Ushakov pointed out

MOSCOW, March 5. /TASS/. BRICS will work to create an independent payment system based on digital currencies and blockchain, Kremlin aide Yury Ushakov said in an interview with TASS.

"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," he said.

Ushakov said that the specific task for this year is to increase the role of BRICS in the international monetary and financial system. He recalled that in the 2023 Johannesburg Declaration, the leaders set the focus of BRICS countries on increasing settlements in national currencies and strengthening correspondent banking networks to secure international transactions. "Work will continue to develop the Contingent Reserve Arrangement, primarily regarding the use of currencies different from the US dollar," the Kremlin aide pointed out.

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