BRICS worries about dollar dependence: introduces blockchain-based payment system

BRICS’ goal to strengthen its role in the global monetary environment is perfectly aligned with its plans to use blockchain. Although these changes do not introduce a unified BRICS currency, the system will operate similarly to SWIFT. Transact in your own currency Through blockchain technology. Integration with digital versions of currencies such as ruble, yuan, and rupee is imminent.

Where is Russia in all this?

Russia is the driving force behind this initiative and is advancing the digital currency agenda. The Central Bank of Russia (CBR) plans to launch the digital ruble in 2025, following a successful pilot phase involving commercial banks.

Olga Skorobogatova, First Deputy Governor of the Bank of Russia, expects actual transactions to begin after extensive preparations, including wallet opening, customer transfers, and transaction payment. This will be an important step towards the future of digital currencies.