The BRICS group, consisting of Brazil, Russia, India, China, and South Africa, is collaborating on developing a payment system utilizing blockchain and digital technologies, according to a report by Russian news agency TASS. Kremlin aide Yury Ushakov emphasized the importance of creating an independent payment system that is convenient, cost-effective, and free of political influence. This initiative aligns with BRICS’ goal to increase its role in the international monetary system and reduce reliance on the US dollar, a strategy known as de-dollarization. Efforts will also focus on enhancing the Contingent Reserve Arrangement, utilizing currencies other than the US dollar. Additionally, Russia’s Finance Ministry, the Bank of Russia, and BRICS partners are set to establish the BRICS Bridge multisided payment platform to bolster the global monetary system. Amidst these developments, Klaas Knot, Chair of the Financial Stability Board, emphasized the importance of crypto assets, tokenization, and artificial intelligence in a letter to finance ministers from the Group of 20 (G20) countries.

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