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The alliance of BRICS nations will design a payment gateway mark and improve the role of BRICS in the international monetary system.
A report by Tass highlights that the BRICS group plans to develop a payment system based on blockchain and digital technologies.
BRICS Group comprises Brazil, Russia, India, China and South Africa. The constant advancement of blockchain technology has created dozens of opportunities for the traditional banking system.
Kremlin aide Yury Ushakov, the assistant to the President of Russia for Foreign Policy, noted while talking to Tass, “ 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. 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.”
The motive for developing a payment system is to make the role of BRICS more valuable in international monetary policy. However, a group of nations is working hard to reduce its reliance on the United States and find a way to de-dollarize.
Ushakov further adds, “ Work will continue to develop the Contingent Reserve Arrangement, primarily regarding the use of currencies different from the US dollar.”
Earlier this week, Tass published a report noting that the Finance Ministry of Russia, BRICS, and the Bank of Russia partners. The partnership aims to design a promising and convenient payment gateway to improve the global monetary system.
Established & Establishing Crypto Hubs
In the past few years, Dubai has significantly worked for better rules to regulate the cryptocurrency sector.
The list of most crypto-friendly nations includes Malta, Germany, Singapore, Estonia, Canada, Gibraltar, Netherlands, the United States, and Portugal, to name a few more.
On June 9, 2021, El Salvador became the first nation to legalize Bitcoin by introducing Bitcoin law. Following the legalization of BTC, El Salvador and its young president was primarily criticized globally.
Market Price Updates
Several factors have nourished the growth of the crypto market in all contexts. A considerable boost in global crypto adoption has been seen since the beginning of 2024.
The increased adoption of crypto, the upcoming 4th Bitcoin halving, The approved Ether spot ETF, and the most recently approved Bitcoin spot ETF are some significant reasons for the positivity of the market.
In the past three months, the market capitalization of the crypto industry grew around 55.19%. At the time of writing, the market cap was $2.441 Trillion; it rose 2.10% in the past 24 hours.
The market leader, Bitcoin, has added 55.36% to its trading price in the past 30 days. At the time of writing, BTC was trading at $66,847.
eCash (XEC), penny crypto, grew more than 64% in the past 24 hours, making it the leader of the gainer list. Shiba Inu (SHIB) increased by 57.26%, Theta Network (THETA) by 33.03%, and Internet Computer (ICP) by 25.73%.
The intraday loser list is led by SingularityNET(AGIX) as it lost 8.4%, Fetch.ai (FET) 7.29%, JasmyCoin (JASMY) 7.25%, WorldCoin (WLD) 5.96%, Stacks (STX) 5.96%.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
