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The BRICS nations are working on an independent payment system that will be based on blockchain technology and digital currencies, according to the Kremlin, marking a decisive shift away from the U.S. dollar. BRICS is a geopolitical bloc that is made up of Brazil, Russia, India, China, South Africa, Iran, Ethiopia, the United Arab Emirates […]

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The measure would be in line with the group’s plans to cut reliance on Western currencies and financial mechanisms. The BRICS group of emerging economies plans to create a payment system based on digital technologies, Yury Ushakov, a senior foreign policy aide to Russian President Vladimir Putin, has told TASS in an interview published on […]

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Egypt is actively pursuing negotiations to decrease reliance on the U.S. dollar for trade settlements with other BRICS states, according to the country’s Ministry of Foreign Affairs. The decision to embrace national currencies is driven by the need to counteract rising costs associated with using foreign currencies due to global inflation. Ragy El Etreby, Egypt’s […]

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