BRICS countries are using cryptocurrencies and blockchain to challenge the dominance of the dollar.

The BRICS group, which includes Brazil, Russia, India, China and South Africa, is laying the foundation for a blockchain-based payment system.

The move is seen as a direct challenge to the dominance of the US dollar in international transactions.

BRICS countries are turning to blockchain

According to Kremlin adviser Yuri Ushakov, in an interview with TASS, the creation of an independent payment system for the BRICS countries benefits from Digital technologies Blockchain is a central objective.

Ushakov also stressed that "the main thing is to ensure that it is suitable for governments, the general public and businesses, while being cost-effective and apolitical."

This announcement also comes at a time when BRICS countries are actively seeking to reduce their dependence on the US dollar.

The leaders pledged to increase settlements in national currencies and strengthen correspondent banking networks to ensure the security of international transactions.

And revealed Ushakov said that "work will continue to develop emergency reserve arrangements, especially with regard to the use of currencies other than the US dollar."

This comment also underlines the group's desire to diversify outside the dollar.

New digital model

Interest in joining the BRICS economic group has increased. Nearly thirty countries have now expressed their intention to become members of the group.

This growing enthusiasm, as South African Foreign Minister Naledi Pandor points out, significantly expands BRICS' global footprint and influence, demonstrating a united front against the current US-dominated financial system.

Additionally, Russia's digital ruble initiative represents a major step toward financial independence and resilience in the face of Western sanctions. The digital ruble was designed to facilitate cross-border settlements and strengthen the country's position Russia Global finance.

This development, as well as collaborative efforts within BRICS countries to adopt similar digital currency solutions. This represents a major turning point in the global economic system.

By also leveraging blockchain technology and digital currencies, BRICS countries could usher in a new paradigm in global finance.