BRICS arm their revolution with Blockchain to dethrone the dollar king

Is it really possible to dethrone the dollar king (USD)? This desire, which dates back several decades, has never yet materialized…

In a bold move to free themselves from the dominance of the US dollar, the BRICS nations are preparing to take the plunge on a new international payment system. This ambitious project will be based on blockchain and the integration of digital currencies, with the aim of facilitating transactions on a global scale.

BRICS explore digital currencies and blockchain for the future of international payments

The member nations of the BRICS group are planning to take a decisive step towards a multipolar world. They have announced their intention to develop an independent payment system, powered by blockchain and digital currencies. An ambitious project aimed at facilitating global transactions, while freeing themselves from the domination of the US dollar and Western financial sanctions.

This initiative was unveiled by Kremlin advisor Yury Ushakov in an interview with the Tass agency. According to him, the introduction of such a system is a major objective for the future of the group. Based on cutting-edge technologies such as digital and blockchain, it will offer practicality, cost-effectiveness and political independence to states, companies and citizens alike.

“We’re aiming for a practical, efficient and apolitical system, tailored to everyone’s needs thanks to cutting-edge tools,” said Ushakov.

Emancipating ourselves… and dethrone the dollar king – does that really seem possible?

This announcement is in line with the BRICS’ desire, expressed at the Johannesburg summit in 2023, to strengthen their influence on the global financial system and reduce their dependence on the greenback. The text encourages greater use of national currencies and the creation of fast, secure payment infrastructures through the sharing of experience between members.

Founded by Brazil, Russia, India, China and South Africa, the BRICS have seen other countries join their ranks in recent years, including Egypt, Ethiopia, Iran and the United Arab Emirates. Although Saudi membership is uncertain, according to Reuters, the alliance is steadily gaining weight on the world stage.

Conclusion

At a time of heightened geopolitical tensions, this BRICS initiative to set up a transnational digital payment system marks a significant step forward. If it comes to fruition, could it ultimately undermine the supremacy of the dollar, even for countries heavily dependent on it, and thus shake the foundations of the established financial order?

We were already hearing about alternatives to the US dollar in economic journals some twenty years ago. Was blockchain technology the missing piece to make the puzzle complete?