BRICS Look to Blockchain for Alliance Payment System

Amid the alliance’s efforts to determination distant from the US dollar-dominated fiscal system, the BRICS bloc is reportedly eyeing blockchain arsenic the ground for its processing outgo system. Indeed, the corporate is introducing a caller connection to propulsion its efforts for economical autonomy forward.

The BRICS bloc has been engaged successful a faceoff with the US since the instrumentality of President Donald Trump to the White House. Specifically, helium has threatened 150% tariffs connected the confederation amid its de-dollarization efforts. In response, the bloc has fractured, with immoderate continuing to prosecute question distant from the greenback.

Source: X

Also Read: BRICS: Top Bank Predicts US Dollar Could Lose Global Status

BRICS New Proposal Eyes a Blockchain-Based Payment System

Throughout the past year, the BRICS bloc has targeted its ain independency from the US dollar. The currency has continued to beryllium weaponized, with the Biden medication instituting sanctions and Trump present introducing tariffs. Indeed, the corporate has gone arsenic acold arsenic to situation the power of the Petrodollar.

Those efforts person lone taken a measurement guardant this week with the 2025 acme nearing. Indeed, the BRICS bloc is eyeing blockchain exertion for an confederation outgo strategy that volition further situation the greenback, according to a caller proposal.

Source: Saul Leob / AFP

Also Read: BRICS: Russia & Iran Announce New Deal to Boost Trade

According to a new report, BRICS 2025 chairmanship holder, Brazil, has introduced the caller initiative. It would question to streamline cross-border transactions and little costs to summation ratio for section currency settlement. Although the bloc has assured it volition not situation the US dollar’s dominance, it would promote and beforehand section currencies.

It volition present beryllium up to Trump and the US to place the difference. Throughout his archetypal 2 months backmost successful office, helium has not shown that benignant of discernment erstwhile it comes to the greenback. Specifically, his run way activities that signaled the US dollar’s presumption arsenic a planetary reserve plus remained 1 of his astir important focuses.