BRICS China Unveils Blockchain Project to End US Dollar in Trade

In coordination with the BRICS de-dollarization efforts, China has unveiled a Blockchain infrastructure project to further end the US Dollar in its ongoing trade relations. Beijing aims to strengthen the use of the yuan in cross-border trade and support its companies abroad. This project aims to make trade along the Belt and Road smoother with new tech. Even though China doesn't allow cryptocurrencies, the BRICS group has been getting into digital money this way. The project intends to reduce the BRICS’ dependence on the US Dollar.

BRICS Nations Develop Blockchain Payment System

The BRICS nations are developing a blockchain-based payment system to reduce member nations’ use of the dollar, according to the Russian news agency TASS. Parallel to China’s digital yuan rollout, BRICS nations have committed to launching a new currency designed to bypass the dollar in cross-border payments. Aimed for enhancing trade efficiency and security, this initiative could significantly reshape global financial flows.

De-Dollarization and the Future of Trade

This blockchain project is a key step in the broader de-dollarization strategy pursued by BRICS nations. By leveraging blockchain technology, China and its partners aim to create a more independent and resilient financial ecosystem. The move seeks to establish alternatives for international transactions, lessening reliance on the US dollar and its associated systems. The initiative highlights the evolving landscape of global trade and the growing influence of alternative financial frameworks.