BRICS pursues de-dollarisation with blockchain-based payments

BRICS pursues de-dollarisation with blockchain-based payments

The BRICS countries (Brazil, Russia, ⁤India, China, and South Africa) have announced their intention to pursue de-dollarisation by exploring‌ the use‍ of blockchain-based payments for their international transactions.

This move comes in response to increasing concerns about the dominance ⁣of the US dollar ⁢in ⁢global trade and ⁤finance, and the potential risks associated with relying on a ⁣single currency⁤ for international transactions.

Blockchain technology, which⁣ underpins cryptocurrencies like Bitcoin, offers a secure and transparent way ⁣to conduct transactions without the need for intermediaries⁢ like‍ banks. ⁣By using blockchain-based payments, the BRICS​ countries hope to reduce ⁣their dependence on the US dollar and increase the efficiency and security of their international transactions.

The BRICS countries have already taken steps to promote the use ⁢of their own currencies in international trade, with initiatives like the BRICS Contingent ​Reserve Arrangement and⁤ the⁣ New Development⁢ Bank. By ​leveraging blockchain technology, they aim to ​further diversify their payment options and reduce their ⁣exposure to ‍the risks associated with a single dominant currency.

While‌ the transition to⁣ blockchain-based payments may⁤ take time and require ⁤coordination among ​the ⁢BRICS countries, the potential benefits of de-dollarisation are significant. By ​moving away from the US dollar⁣ as the primary medium of exchange in international trade, the BRICS countries can increase their economic sovereignty and reduce their vulnerability ⁢to external financial shocks.

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