BRICS Summit 2024 - Digital Currencies Blockchain Platform, Focus on Infrastructure, BRICS Bank Role

BRICS Summit 2024 - Digital Currencies Blockchain Platform, Focus on Infrastructure, BRICS Bank Role

Oct. 19, 2024

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World Affairs In Context

BRICS will work to create an independent payment system based on digital currencies and blockchain, Kremlin aide Yury Ushakov says.

"We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain. The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics," he said in an interview with TASS.

Ushakov said that the specific task for this year is to increase the role of BRICS in the international monetary and financial system. He recalled that in the 2023 Johannesburg Declaration, the leaders set the focus of BRICS countries on increasing settlements in national currencies and strengthening correspondent banking networks to secure international transactions.

"Work will continue to develop the Contingent Reserve Arrangement, primarily regarding the use of currencies different from the US dollar," the Kremlin aide pointed out.

The BRICS group of emerging economies has welcomed 2024 by officially adding five developing nations.

Specifically, the bloc introduced Saudi Arabia, the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia to kick off the new year.

Last year, the BRICS economic alliance has flourished. In what was undoubtedly a year of growth, the bloc fast-tracked a host of initiatives. Those range from its de-dollarization plans to its first-ever expansion bid. The latter of which is finally set to be made official.

Indeed, the BRICS alliance has welcomed 2024 by officially adding five expansion nations to its ranks. Specifically, it introduced Saudi Arabia, the UAE, Iran, Egypt, and Ethiopia to be the first countries to constitute expansion since South Africa was added more than a decade ago.

The expansion is set to have massive geopolitical ramifications, as they could be hugely important to its multipolar goals.

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