"Many large institutions have entered the crypto market, now what about BRICS?"
Recently surprised news by the Russian news agency Tass about the BRICS group of five countries consisting of Brazil, Russia, India, China and South Africa will try to establish a payment system based on blockchain and digital technology.
According to Kremlin aide Yury Ushakov, creating an independent BRICS payment system is an important goal for the future as it facilitates governments, ordinary citizens and businesses as well as being cost-effective and free from politics.
The effort is part of this year's special task where they intend to increase the role of BRICS in the international monetary system to reduce its dependence on the United States (US) dollar or better known as de-dollarization.
Ushakov also said that they will continue to develop Contingent Reserve Arrangements especially regarding the use of currencies other than the US dollar.
Last week, another TASS report revealed that the Russian Ministry of Finance, Bank of Russia and BRICS partners will create a multi-part payment platform BRICS Bridge to improve the global monetary system.
Not only that, the Chairman of the Financial Stability Board Klaas Knot who oversees the global financial system also wrote to finance ministers from G20 countries that digital assets, tokenization and artificial intelligence (AI) remain a priority.
On a different side, South African Foreign Minister Naledi Pandor reported that Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) have confirmed their interest in joining the BRICS Group in a few months after the 2023 BRICS Summit.
