The BRICS group of countries (Brazil, Russia, India, China, and South Africa) is collaborating on the creation of an independent payment system using blockchain and digital technologies, according to a report by Russian news agency TASS. The objective is to develop a secure, efficient, and blockchain based payment system that is convenient for governments, ordinary people, and businesses.
It should also be cost-effective and free from political influence. This initiative is part of the BRICS group’s efforts to enhance its role in the international monetary system and reduce reliance on the US dollar.
