BRICS countries 'Russia and China' have teamed up to teach the US dollar a lesson in the international markets. The duo was the first to come up with the idea of creating a new BRICS currency to end the US dollar’s global supremacy, Yury Ushakov stated.
The White House pressing sanctions against the developing countries is what led to the idea of de-dollarization to begin with.
His comments tow in line with the BRICS alliance that aims to put local currencies first for cross-border transactions.
Ushakov stressed that BRICS believes in creating an independent payment system without the need for the US dollar, watcher.guru reported.
He indicated that the new BRICS currency payment system will incorporate blockchain technology and digital financial assets.
“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,” Ushakov said.
The diplomat explained that the BRICS payment system will be convenient for governments, businesses, and common people alike.
The alliance wants to make the payment system accessible to all and mar the prospects of the US dollar. “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,” he added.