A coalition of economically-aligned nations has announced plans to establish an “independent payments system” as a step away from reliance on the US dollar.

During the SPIEF 2024 Conference in Saint Petersburg, Russian President Vladimir Putin revealed that efforts are underway to create a system that will safeguard the autonomy of national currencies.

Putin stated, “Within BRICS, we are collaborating on the development of an independent payment system that is immune to political influence, manipulation, and external sanctions.”

This announcement comes on the heels of reports indicating that the BRICS group, led by China and Russia and including Brazil, India, South Africa, Saudi Arabia, Iran, Egypt, Ethiopia, and the United Arab Emirates, will utilize blockchain technology to power this new payment system.

In an interview with the Russian state-owned news agency TASS, Kremlin aide Yury Ushakov emphasized that BRICS is working on a digital, transparent, and cost-effective system.

Ushakov explained, “We believe that establishing an independent BRICS payment system is a crucial objective for the future, utilizing cutting-edge tools like digital technologies and blockchain. The primary focus is to ensure that it is user-friendly for governments, individuals, and businesses, while also being cost-efficient and devoid of political influence.”

While the payment system is still in the development phase, Ushakov mentioned that BRICS nations are concentrating on enhancing banking connections and promoting trade in national currencies.

He added, “Efforts will continue to enhance the Contingent Reserve Arrangement, particularly in terms of diversifying away from the US dollar.”

To stay updated on the latest news, subscribe to receive email alerts directly to your inbox. Follow us on X, Facebook, and Telegram for more updates. Don’t miss out on The Daily Hodl Mix.

Disclaimer: The opinions expressed on The Daily Hodl are not financial advice. Investors should conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. Please be aware that any transfers or trades are done at your own risk, and any resulting losses are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice. Please note that The Daily Hodl engages in affiliate marketing activities.

Generated Image: Midjourney