New BRICS blockchain payment system to be game-changer amid 'unstoppable' dedollarization - expert

Moscow’s decision to create a new BRICS blockchain-based payment system is a “game changing” development for the multipolar world, Christopher Douglas Emms, head of the Brokerage Division, LM Investments, told Sputnik on the sidelines of the Eastern Economic Forum in Vladivostok.

“I think it's a huge and significant development, because […] blockchain is an immutable payment. And what that means is it can't be messed with. It also removes any element really of corruption, because when you make that payment, it's totally transparent. And once it's made, no one can ever delete it. It has an online digital footprint that anyone can look up, which is totally transparent and also secure and fast,” the expert noted.

As part of BRICS’ efforts to ditch the weaponized US dollar in settlements, Emms speculated that one may see “a currency that is backed on a basket of different BRICS nation currencies, be that the Russian ruble, the Chinese renminbi, the Indian rupee, the South African rand.”

The BRICS payment system would be the final nail in the coffin of the “unstoppable” dedollarization trend, the expert added, as the US greenback “has nothing that backs it,” and “there's no commodity that underlies it.”