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BRICS member Russia announced the creation of a new blockchain-based payment system on Tuesday. The blockchain and cryptocurrency-based payment mechanism will be an independent system for trade settlements. The new BRICS payment system will position itself as an alternative option to the US dollar. Also Read: BRICS To Control 37% of World’s GDP: West To Fall Below 28% JUST IN: BRICS announces creation of independent payment system based on cryptocurrency and blockchain. — BRICS (@BRICSinfo) March 5, 2024 The payment system aims to be friendly to governments, businesses, and even common citizens. Therefore, if the system becomes a success, a variety of hierarchies from governments to the average man could benefit immensely. Russian diplomat Yuri Ushakov confirmed that the new BRICS payment mechanism will boast state-of-the-art technology that will incorporate digital assets and cryptocurrencies on the blockchain. Also Read:  BRICS : China Enters Western...

BRICS member China is stockpiling gold adding the precious metal to its reserves throughout late 2022 and 2023. China is accumulating gold for 14 consecutive months making it the largest buyer of the precious metal last year. The latest data shows that BRICS member China purchased 9 tonnes of gold (290,000 ozs) to its reserves in December 2023 alone. The cost to stockpile the 9 tonnes of gold to its reserves stood at $532 million last month. In total, China has added 225 tonnes of gold to its reserves in 2023 alone. Also Read: BRICS : Russia & Iran End SWIFT, Start Bank Transfers in Local Currency Not just China, the overall BRICS countries have been on a GOLD accumulating spree since 2022. BRICS countries Russia, India, and South Africa have been steadily buying the precious metal for the last 14 months. In fact, the largest buyer of GOLD in 2023 was the BRICS alliance, reported the World Gold Council. Read here to know how much GOLD the Central Banks have accumulated in...

The BRICS alliance is looking to launch a new currency to take on the U.S. dollar’s global reserve status. The soon-to-be-released BRICS currency will be accepted by developing countries ending reliance on the U.S. dollar. Developing economies in Asia, Africa, Latin America, and Europe could begin to settle global trade with the new BRICS currency. The move could send the dollar into a tailspin and reduce the demand and supply in the international markets. Also Read: Europe Might Get Ready to Accept BRICS Currency U.S. Dollar Might Lose Reserve Status to BRICS Currency, Predicts Economist Lord O’Neill Source: Unsplash British economist Lord O’Neill warned that the U.S. dollar could soon lose its global reserve status to the yet-to-be-released BRICS currency. According to O’Neill, the Chinese Yuan and Indian Rupee could strengthen and become “much more important currencies for the world.” The economist stated that the de-dollarization proposed by BRICS could reshape the ...