BRICS Leverages Blockchain and Digital Currency for New Unified Exchange Settlement System

Deputy Chairman of the State Duma, Alexander Babakov, proposed creating a unified BRICS exchange that would use blockchain and virtual currency for inter-bloc trade settlements.

This initiative aims to reduce reliance on third-party payment systems like the U.S. dollar, promoting economic sovereignty among BRICS nations. The exchange would allow members to trade in national currencies and potentially develop a single virtual currency for payments. BRICS, which represents a significant portion of global trade and GDP, is already moving toward independent payment systems to support its foreign trade more efficiently.

Clever Robot News Desk 5^th October 2024