JUST IN: BRICS Reveals Blockchain Alternative To The Dollar

March 5, 2024 4:00 pm Comments

The BRICS alliance has unveiled plans for a blockchain network to rival the U.S. dollar’s dominance in global markets.

As the de-dollarization effort grows, the BRICS nations are moving to create a blockchain payment network to be used at all levels of society, from intercontinental banks to everyday, normal people.

However, the details are currently scant, and we do not know whether or not the BRICS alliance will utilize an existing blockchain network to leverage its assets or create a brand-new one.

The announcement was made by the Kremlin and spells bad news for the continued decline of the U.S. dollar in international trade.

Several of the BRICS countries, including Egypt and Russia, have already announced that they are ditching the dollar in international trade for bilateral trade agreements denominated in their local currencies. Here’s what is currently being reported:

Watcher Guru presented this statement from Russian representative Yuri Ushakov:

“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.”

Amelie tied together all the latest developments: “The BIS and central banks worldwide continue to accumulate gold reserves, setting the stage for a gold revaluation in 2024. BRICS is working on a new payment system based on cryptocurrency and blockchain as they stockpile gold.  In the coming financial century we will return to gold-backed assets, but this time valuable assets will be tokenized! XRP will bridge valuable, gold-backed currencies. Everything has been planned for a long time.”

Daily Coin explained the Contingent Reserve Agreement that serves as the basis for this proposed blockchain payments system:

The CRA was established in 2014 during the sixth BRICS summit in Fortaleza, Brazil, setting forth an agreement to facilitate the balance of payments between member nations and to provide a buffer against global liquidity pressures.

Member nations committed a collective $100 billion to the CRA, with contributions ranging from $41 billion by China to $5 billion from South Africa.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.