-AD-
-AD-
HomeNewsBRICS Nations Push to Ditch Dollar and Adopt Bitcoin as Reserve World...

BRICS Nations Push to Ditch Dollar and Adopt Bitcoin as Reserve World Currency – Report

- Advertisement -
  • India and Russia are exploring ways to link their payment systems to create new payment avenues that could circumvent financial sanctions levied against Moscow.
  • The officials agreed to integrate India’s Unified Payment Interface (UPI) and Russia’s Faster Payments Systems (FPS) and to look into adopting the Financial Messaging System of the Bank of Russia for cross-border payments.

India’s External Affairs Minister S Jaishankar and Russia’s Deputy Prime Minister Denis Manturov are reportedly exploring ways to integrate their countries’ payment systems as they seek to create new payment avenues that can circumvent financial sanctions imposed against Russia.

According to the Economic Times, Jaishankar and Manturov agreed to integrate India’s Unified Payment Interface (UPI) and Russia’s Faster Payments Systems (FPS) to establish a more secure financial system. UPI is a mobile payment method that enables users to make real-time transfers, while FPS is a service that allows users to transfer funds between banks using their mobile number.

The two officials also agreed to adopt the Financial Messaging System of the Bank of Russia for cross-border payments to move away from the global interbank platform SWIFT. This move is in line with BRICS’ efforts to create a new global currency that does not rely on the US dollar. BRICS is an economic alliance that comprises Brazil, Russia, India, China, and South Africa.

Negotiations about the details of the new currency are underway, and the alliance may reach an agreement by the end of the year, according to Anatoly Aksakov, Russia’s Chairman of the State Duma Committee on the Financial Market.

The integration of India’s UPI and Russia’s FPS payment systems could provide a safer and more secure financial ecosystem for both countries, enabling them to carry out cross-border transactions with ease. Furthermore, the adoption of the Financial Messaging System of the Bank of Russia for cross-border payments will ensure that both countries’ financial systems remain independent of SWIFT, thus avoiding the risk of being subjected to the US-led sanctions.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Marcel Knobloch
Marcel Knobloch
Marcel is the managing partner of ETHNews and is also known as Collin Brown in the crypto community. He is a seasoned Bitcoin investor who entered the crypto scene during its early stages and has since become a veteran trader in both the cryptocurrency and forex markets. His journey began in 2012 when he made his first investment in Bitcoin, marking the beginning of his deep-rooted passion for blockchain technology and digital assets. With a mission to demystify the intricacies of blockchain for the masses, Marcel endeavors to bring the world of cryptocurrencies closer to everyone. His insightful reports are dedicated to shedding light on the latest developments and innovations within the realms of Bitcoin, Ethereum, Ripple (XRP), IOTA, VeChain, Cardano, Hedera, and numerous other cryptocurrencies. Marcel's in-depth analysis and commitment to providing accessible information make him a trusted source for both novice and experienced crypto enthusiasts. Marcel's academic background includes a Master's Degree in Business Education, which has equipped him with a solid foundation in financial markets and investment strategies. Over the past decade, he has amassed invaluable experience working with various startups across the globe, enriching his knowledge and understanding of the ever-evolving cryptocurrency landscape. With his wealth of expertise and dedication to empowering others with crypto knowledge, Marcel continues to be a driving force in the cryptocurrency community. Business Email: marcel.knobloch@hotmail.com Phone: +49 160 92211628
RELATED ARTICLES

LATEST ARTICLES