Brazil to Propose Support for Blockchain Payment System for Brics: Report

Brazil to Propose Support for Blockchain Payment System for Brics: Report

Brazil is reported work on a proposal to create a blockchain-based payment system for internal use by the brics economic block. The group has been discusing ways to Reduce Reliance on the us dollar for internal cross-border transactions since 2024.

Group. Egypt, Ethiopia, Iran, and the UAE Joined The Group Last Year, and Brazil Assume the Brics Presidency on January 1.The Country Is Set to Host the Annual BRICS Summit in Rio de Janeir During the event, brazil will host discusations on the topic of Blockchain Based Payments, According to a Report in Local Publication O Globo that CITES GOITES GOTES GOVERNMENT SOURES FAMIRECES FAMIRECES FAMIRECS FAMIRECES FAMIRECE System would provide a secure, transparent, and permanent financial infrastructure designed for the BRICS Group. The group is reportedly believes that the system should significantly shorten the transaction processing window between member counties for way cheaper costs. As of now, it remains untilar if the brics will introduce a new crypto token to process settlements via this system or use existing stablecoins and cbdcs.Rassia Proposesia Proposed this SYSTEM LAST MARCH to CBDCSia to CBDCSia Use of the US dollar for internal settlements. A number of factors, like Consective Interest Rate Hikes from the us after the covid-19 Pandemic and Several Economic Sanctions Against Russia and China Prompted the BRICS Nations to Consider the Idea. Yury Ushakov, an advisor to president putin said at the time that this system should Curtail Us-Initiated Financial Politics and Simplife Cross-Border Transactions Among the BRICS NATIONS. Has criticized the brics bloc for trying to sideline the us dollar. The us president said he would intensify tariff rates by a 100 percent against the brics nations.according to reports, brazil will be attempting to support The us. Rio Times Said Brazil will pitch the creation of this payment system as a project to simplife cross-border settlements, raather than as a way to replace any currency. Grow. On January 1, The Group Added Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Thailand, Uganda, Uzbekistan and Nigeria as ‘Partner Nations’. Around 30 other countries have shown an interest in joining the group. (Tagstotranslate) Brazil Blockchain Payment Systems Within Brics Cryptocurrency (T) Brazil (T) Brics (T) Brics (T) Donald Trump (T) Blockchain Payment System

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