BRICS Nations to Create Blockchain-Based Payments System

The brics nations—Brazil, Russia, India, China and South Africa, plus new members—are working to create a digital payment system based on blockchain, Russian presidential aide Yuri Ushakov said on March 5.

Ushakov explained that the goal is to improve the brics nations’ role in the international financial system, while reducing the bloc’s reliance on the United States dollar. He hinted at using the crypto-powered system for retail sales and service payments as well.

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.
—Yuri Ushakov

Ditching the dollar: The brics countries make up 45 percent of the global population and 36 percent of the global gross domestic product. Their plan to develop an alternative payment system is part of a larger effort to ditch the U.S. dollar as the global reserve currency and challenge U.S. financial dominance.

Bible prophecy shows that a large anti-American trade alliance will soon emerge and work to freeze the U.S. out of world trade.

Learn more: Read our Trends article “Why the Trumpet Watches the Development of a Massive Anti-American Trade Bloc.”