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

August 10, 2025

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

August 10, 2025

, Published By Gadget360

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.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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