The BRICS Pay system itself is blockchain based, meaning it operates on a Distributed Ledger. It is not a Central Bank Digital Currency (CNDC) or a Cryptocurrency.
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The BRICS Bloc is launching BRICS Pay as a new financial settlement platform for the member countries to use. The payment method has been under development…
The global dominance of the US dollar has allowed America to finance government spending with debt that seemingly does not need to be repaid. Expect Brics to know that a currency of their own will be good for more than trade.