<\/p>\n
A group of economically-aligned nations say they\u2019re building an \u201cindependent payments system\u201d in a move away from the US dollar.<\/p>\n
At the SPIEF 2024 Conference in Saint Petersburg, Russian President Vladimir Putin said<\/a>\u00a0work is underway on a system designed to safeguard the sovereignty of national currencies.<\/p>\n \u201cWithin BRICS, we\u2019re working on shaping an independent payment system, free from political pressure, abuse and external sanctional interference.\u201d<\/em><\/p>\n Putin\u2019s statement follows initial reports that the China and Russia-led BRICS \u2013 which also consists of Brazil, India, South Africa, Saudi Arabia, Iran, Egypt, Ethiopia and the United Arab Emirates \u2013 will use blockchain technology to power the payments system.<\/p>\n In an interview with the Russian state-owned news outlet TASS, Kremlin aide Yury Ushakov said<\/a> BRICS is designing a system that\u2019s fully digital, fair and cost-effective.<\/p>\n \u201cWe believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain.<\/em><\/p>\n The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics.\u201d<\/em><\/p>\n While the payments system is in development, Ushakov says BRICS nations are focused on boosting banking networks and trade in national currencies.<\/p>\n \u201cWork will continue to develop the Contingent Reserve Arrangement, primarily regarding the use of currencies different from the US dollar.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>  <\/p>\n Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" A group of economically-aligned nations say they\u2019re building an \u201cindependent payments system\u201d in a move away from the US dollar. At the SPIEF 2024 Conference in Saint Petersburg, Russian President Vladimir Putin said\u00a0work is underway on a system designed to safeguard the sovereignty of national currencies. \u201cWithin BRICS, we\u2019re working on shaping an independent payment […]<\/p>\n","protected":false},"author":2,"featured_media":319704,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-319702","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/319702","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=319702"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/319702\/revisions"}],"predecessor-version":[{"id":319706,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/319702\/revisions\/319706"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/319704"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=319702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=319702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=319702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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