this post was submitted on 19 Oct 2024
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A new digital payments system, BRICS Pay, debuted for live testing at this week’s BRICS Business Forum at the International Trade Center in Moscow. (businesstech.co.za)
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[–] theturtlemoves@hexbear.net 9 points 1 month ago (4 children)

  1. This is using some cryptocurrency - blockchain nonsense.

  2. Only Russia is actively supporting it, with China neutral, South Africa reluctant, and Brazil and India not even participating.

[–] Comprehensive49@lemmygrad.ml 7 points 1 month ago* (last edited 1 month ago)
  1. Please see my post above on why blockchain is useful in this one specific instance.
  2. Rather than being reluctant, China is trialing this already via Project mBridge with central banks of Thailand, the United Arab Emirates, and Saudi Arabia. Another term for a multi-nation-backed blockchain system is a multiple central bank digital currency (CBDC) system, so that's basically what it is.
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