BRICS Launches Decentralized Payment System to Bypass the US Dollar
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BRICS has launched a decentralized cross-border payment system called DCMS, based in Brazil and utilizing Pix technology. The initiative aims to reduce reliance on the US dollar for international trade by connecting member states with local and digital currencies.
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- BRICS has launched DCMS, a decentralized cross-border payment system.
- The DCMS is based in Brazil and utilizes Pix instant transfer technology.
- BRICS’ latest initiative target reduction in USD dependence for cross-border payments.
BRICS, an intergovernmental organization comprising major economies across multiple continents, has introduced a new payment system, DCMS. The new system is based in Brazil and aims to facilitate cross-border trade settlements without relying on the US dollar.
BRICS Aims to Reduce USD Dependence
According to reports, the DCMS utilizes Pix instant transfer technology and operates on a decentralized blockchain network. The solution connects major member states while integrating local currencies and digital national currencies.
In the meantime, the latest move by BRICS is adding to the pressure on the US dollar, which is under increa…
Read The Full Article BRICS Launches Decentralized Payment System to Bypass the US Dollar On Coin Edition.
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