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RUSSIA PUSHES FOR BRICS ALTERNATIVE PAYMENTS SYSTEM

Mario Nawfal

@MarioNawfal
🚨🇷🇺 RUSSIA PUSHES FOR BRICS ALTERNATIVE PAYMENTS SYSTEM

At the upcoming BRICS summit, Russia aims to persuade member countries to develop an alternative international payments platform immune to Western sanctions.

This system, using blockchain and digital tokens backed by national currencies, would bypass reliance on the U.S. dollar.

Russia, which views BRICS as a counterbalance to Western dominance, is also proposing a BRICS grain trading exchange and a “BRICS Clear” platform for securities trading.

However, gaining consensus within the expanded BRICS bloc may take time.

Source: Reuters