Summary
TLDR: The BRICS bloc is working on a blockchain-based payment system to challenge the dominance of the US dollar in international transactions. They aim to make it convenient, cost-effective, and free of politics. More countries are expressing interest in joining BRICS, showing a united front against the current financial system. This initiative, along with Russia’s digital ruble, could lead to a new global economic order.
Key Points
1. The BRICS bloc is working towards establishing a blockchain-based payment system to challenge the dominance of the US dollar in international transactions.
2. The group is committed to increasing settlements in national currencies and diversifying away from the US dollar to strengthen their financial independence.
3. The interest in joining the BRICS economic group is growing, with nearly three dozen countries expressing their intention to become members, which could potentially lead to a new global financial paradigm.