BRICS Considers Blockchain for International Settlements
Date: 2025-03-17 Author: Oliver Abernathy Categories: BLOCKCHAIN
Brazil, which holds the BRICS presidency in 2025, has proposed exploring the use of blockchain technology in international settlements between the bloc's countries. According to Valor Economico, this topic is included in the list of priority issues for the current year.
Unlike previous initiatives related to the creation of a common BRICS currency, the new project does not involve competition with the US dollar. Sources close to the negotiations emphasize that the member states do not plan to introduce a single unit of account for foreign trade.
In addition, US President Donald Trump has previously announced possible 100% tariffs against countries that try to replace the dollar as the dominant currency.
The main goal of the discussions is to improve the efficiency and speed of international transactions. One possible solution could be to introduce blockchain into Brazil's financial system, which would automate processes and reduce transfer costs.
According to Reuters, Russian oil companies are already using cryptocurrencies and stablecoins to convert yuan and rupees into rubles, simplifying settlements in trade transactions with China and India. This confirms the growing interest of BRICS countries in decentralized technologies in the financial sector.
