BRICS member Russia announced the creation of a new blockchain-based payment system on March 5th. The blockchain and cryptocy-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. 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. BRICS could take on the US dollar with the payment system allowing member nations and other developing countries to settle cross-border transactions in the new mechanism.
The development will add pressure on the US dollar making its supply and demand dip in the global market.
NFT platform Candy Digital has announced plans to migrate its digital collectibles ecosystem to the Solana blockchain, signaling…
The U.S. military has confirmed it is actively running a Bitcoin node as part of national security research, while…
The Web3 gaming sector is facing a harsh reality check as new data reveals that more…
Justin Sun, founder of TRON, has filed a federal lawsuit against World Liberty Financial, a crypto venture…
Tether has frozen approximately $344 million in USDT on the Tron blockchain after the wallets were flagged by U.S. authorities, marking…
Prediction market platform Kalshi has fined and suspended three U.S. congressional candidates after determining they engaged in “political…