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Bitcoin‘s ongoing price surge continues to sweep the globe, with leading countries’ governments persisting in taking steps centered around cryptocurrency. Most recently, BRICS, known for decisions related to the US dollar, announced just moments ago the creation of a cryptocurrency-based payment system.
BRICS’s Move Towards Cryptocurrency
According to the Russian news agency TASS, the BRICS group, consisting of Brazil, Russia, India, China, and South Africa, announced that they will continue to work on creating a payment system that focuses on blockchain and digital technologies.
The announcement was as follows:
We believe that creating an independent BRICS payment system based on cutting-edge tools like digital technologies and blockchain is an important goal for the future. It is crucial that it is suitable for governments, ordinary people, and businesses, as well as being cost-effective and free from political influence.
This step is thought to be part of a special task set for this year to redefine BRICS’s role in the international monetary system. The BRICS group has been pursuing a policy known as de-dollarization, which aims to reduce dependence on the US dollar for payments.
Regarding the issue, Ushakov said the following:
Work will continue on the development of the Conditional Reserve Arrangement, including the use of various currencies other than the US dollar.
In another report by TASS last week, the Russian Ministry of Finance, the Central Bank of Russia, and BRICS partners announced that they would launch the BRICS Bridge, a multilateral payment platform aimed at bringing a new dynamic to the global monetary system.
Last month, Klaas Knot, the Chairman of the Financial Stability Board that maintains order in the global financial system, stated in an announcement that crypto assets, tokenization, and artificial intelligence (AI) were priorities for the finance ministers of the G20 countries.
Current Bitcoin Situation
While all these developments are taking place, Bitcoin is experiencing volatile price movements, and for the first time in days, the charts indicate a negative outlook. BTC, which surpassed the $68,000 level in the early hours, does not seem to be faring well this morning.
BTC is currently trading above the $66,800 level, but about an hour ago, it briefly dipped below $65,500, causing alarm among investors.
