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BRICS’ plan of an independent payment system becomes operational
The Central Bank of Iran announced on Monday that the BRICS group’s plan to launch an independent operational payment system has become operational.
This system is based on cryptocurrencies and operates on a blockchain platform, ISNA reported.
This system is a formal declaration of war against the dollar and Western hegemony, contributing to the surge in demand for bitcoin and other currencies.
The five major emerging economies – Brazil, Russia, India, China, and South Africa put on the agenda the Central Bank of Iran’s proposal to set up the group’s own equivalent to the SWIFT payment system and create an organization to fight money laundering and terrorist financing that would be similar to intergovernmental Financial Action Task Force.