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Brazil Pushes Crypto for BRICS Trade During Presidency
As part of its 2025 presidency, Brazil has proposed the use of cryptocurrencies to facilitate trade within the BRICS economic bloc. This move aims to establish a blockchain-based payment system, reducing reliance on the US dollar and streamlining transactions among member nations.
The proposal centers around direct transactions in local currencies, sidestepping initial US dollar conversions. By implementing blockchain technology for trade, Brazil hopes to reduce dependency on the dominant currency and potentially reshape global finance.
This initiative marks a significant shift in international trade dynamics, as it seeks to create a new payment system that is not dependent on traditional fiat currencies. The plan involves BRICS member nations working together to implement blockchain technology for seamless transactions.
The proposal has significant implications for the cryptocurrency market, as it could lead to increased adoption and utilization of digital currencies in international trade. This move also highlights the growing importance of blockchain technology in global economic strategies.
In a recent statement, Brazilian officials emphasized that their plan focuses on facilitating payments rather than replacing the dollar. The goal is to avoid direct confrontation with the dominant currency’s influence and instead create a more decentralized system for financial transactions.
Experts suggest that this proposal reflects an evolution of international financial systems, mirroring previous global shifts towards multipolar economic structures.
Source: https://www.kanalcoin.com/brazil-crypto-brics-trade-proposal/
