Brazil to Propose Support for Blockchain Payment System for BRICS: Report

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Brazil is spearheading a proposal to develop a blockchain-based payment system for the BRICS economic bloc. This initiative aims to lessen the group’s dependence on the US dollar for internal, cross-border transactions, a topic under discussion since 2024.

The BRICS nations – Brazil, Russia, India, China, and South Africa – have been augmented by recent additions: Egypt, Ethiopia, Iran, and the UAE. With Brazil now holding the BRICS Presidency since January 1st, the nation is taking a proactive role in fostering financial independence within the bloc.

Brazil is scheduled to host the annual BRICS summit in Rio de Janeiro in early July, where this payment system and further discussions on strengthening economic ties are expected to be central themes. The move highlights a broader trend towards decentralized finance and reduced reliance on traditional global financial structures.

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