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📌 Russia and China have developed an “independent payment system” to abandon the US dollar and avoid “external interference”: Vladimir Putin

A group of countries close to the economy say they are creating an independent payment system that abandons the US dollar. Blockchain

– A group of countries close to the economy say they are creating an “independent payment system” that abandons the US dollar.

At the SPIEF2024 conference in St. Petersburg, Russian President Vladimir Putin said a system is being worked on to ensure the sovereignty of national currencies.

“Within BRICS, we are working on the formation of an independent payment system, free from political pressure, abuse and interference from external sanctions. “

Putin’s statement followed initial reports that the BRICS group led by China and Russia, including Brazil, India, South Africa, Saudi Arabia, Iran, Egypt, Ethiopia, Iran, Egypt and the United Arab Emirates, would use blockchain technology to manage payment systems.

In an interview with Russia’s state-run TASS news agency, Kremlin aide Yuri Ushakov said BRICS is developing a fully digital, fair and cost-effective system.

“We believe that the creation of an independent BRICS payment system is a key task for the future, based on the latest tools such as digital technologies and blockchain.

The main thing is for it to be convenient, cost-effective and free from politics for governments, the public and businesses.”

According to Ushakov, while the payment system is still under development, the BRICS countries are focusing on developing banking networks and conducting transactions in national currencies.

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