The BRICS collection of countries could be significantly impacted by an announcement made by Russian President Vladimir Putin at a recent Business Forum in Moscow.
Brazil, Russia, India, China, and South Africa, collectively known as BRICS, are currently preparing for the significant 2024 Summit occurring next week.
Expectations are that this event will be jam-packed with significant announcements, particularly regarding the organization’s economic strategies. One of the most thrilling initiatives disclosed at the forum is the new BRICS Pay platform. It operates on blockchain technology.
It is a digital payment system that enables individuals in the BRICS countries to transmit and receive money in a secure and timely manner. Because it is constructed on blockchain technology, it is intended to be more secure and efficient than conventional banking methods. This has the potential to significantly impact the enterprises and individuals in these countries who wish to conduct business across borders.
The BRICS countries could also benefit from this new platform by reducing their dependence on the U.S. dollar, which is presently the most commonly used currency in global trade. The BRICS nations could utilize BRICS Pay to resolve payments in their respective currencies, rather than relying on dollars on an ongoing basis. This would enhance their economies and provide them with greater financial autonomy.
The concept of BRICS Pay has been in development for some time, but it is now becoming a reality. President Putin and other leaders emphasize the potential of blockchain technology to enhance the transparency and trust in financial transactions at the forum. BRICS Pay endeavors to eliminate the intermediary, such as banks, and expedite and reduce the cost of transactions through the implementation of blockchain technology.
It is anticipated that the forthcoming BRICS Summit 2024 will provide additional information regarding the implementation of BRICS Pay and its implications for the group’s future. It is also probable that leaders will engage in discussions regarding alternative methods to enhance trade and cooperation between their respective nations.
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