Kremlin hopes to cut US dollar reliance with blockchain in BRICS
Moscow wants to establish an autonomous BRICS payment system, leveraging digital currencies and blockchain in an effort to decrease its dependency on the U.S. dollar.
In an interview with the Russian state-owned news agency TASS on Feb. 5, Kremlin aide Yury Ushakov disclosed the Kremlin’s efforts to develop a new blockchain-based system for BRICS, an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates.
While specific details of the system remain undisclosed, Ushakov suggested that it would incorporate digital currencies, potentially including central bank digital currencies (CBDCs), as Moscow has been working on its digital ruble for some time now. The Kremlin official emphasized the importance of such a system for BRICS, highlighting its potential for cost-effectiveness and impartial operation.
“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.” - Yury Ushakov
Source: https://crypto.news/kremlin-hopes-to-cut-us-dollar-reliance-with-blockchain-in-brics/
