BRICS Announces Creation of Digital Currency Payment System Based on Blockchain

BRICS, a group of nine nations including Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates, has announced plans to create an independent payment system based on digital currencies and blockchain technology. The move is part of the BRICS Contingent Reserve Arrangement framework, which aims to protect against global liquidity pressures and reduce reliance on the US dollar. The payment system will be designed to be convenient, cost-effective, and free from political influence. The BRICS CRA is seen as a competitor to the International Monetary Fund, and recent reports suggest that the group is also working on a multisided payment platform called the BRICS Bridge.