Aide to Russian President Yury Ushakov: BRICS seeks to create a payment system on blockchain

BRICS member countries will strive to create an independent payment system based on digital currencies and blockchain, Russian presidential aide Yury Ushakov told TASS.

"The main goal for us is to create an independent settlement payment system, which would be based on the most modern technologies, such as digital currencies and blockchain. And most importantly, it would be comfortable for BRICS member states, population and business"

Yury Ushakov Russian Presidential Aide

Ushakov reminded that the collective weight of the alliance states in the global economy is 58.9 trillion dollars. The Russian presidential aide noted that BRICS represents 36 per cent of the Earth's landmass, 45 per cent of the world's population (3.6 billion people), more than 40 per cent of all oil production, and about a quarter of the world's exports of goods.

For the current year, Ushakov said one of the main tasks is to increase the role of BRICS in the international monetary and financial system. He recalled that in the Johannesburg Declaration of 2023, the leaders of the alliance fixed the focus of the BRICS countries on increasing settlements in national currencies and strengthening correspondent banking networks to ensure international transactions.

As for the new member countries of the alliance (Egypt, Iran, UAE, Saudi Arabia and Ethiopia), they will be actively involved in the work of the alliance mechanisms, the presidential aide stressed.