BRICS Nations Developing Own Digital Payment Network to Bypass Dollar Dominance

BRICS countries (Brazil, Russia, India, China, South Africa) are creating a digital payment system based on blockchain to reduce dependence on the US dollar

The system aims to be low-cost, politics-free, convenient for governments and people

It builds on existing BRICS plans to increase use of national currencies and boost contingency reserves

BRICS wants to limit power of US dollar and economic sanctions like those imposed on Russia

Over 40 countries have expressed interest in joining BRICS to mitigate currency risks and bypass US sanctions