- Russia is driving a pilot project with digital gold systems to find optimal payment procedures for the BRICS group.
- The BRICS countries risk customs increases on the part of the United States to eliminate their dependence on the dollar.
Russia, a founding member of the BRICS group, drives his plan to reduce the dependence on foreign currencies. According to reports, the country has launched a pilot project for digital gold systems, which caused discussions about the effects on global payment transactions.
Digital gold systems
Report According to the recently launched Russian pilot project, digital gold values wants to use for the processing of international transactions. This step is intended to reduce the dependence of the country on foreign currencies such as the US dollar.
The digital assets are linked to the value of the gold and covered by real gold stored in safe. As part of the pilot program, private individuals can acquire this blockchain-based token for Russian rubles, whereby the repayment is planned by May 2025.
Evgeny Shatov from Capital Lab commented on the development with the words that the pilot program paved the way for further experiments. According to Shatov, this is the first time that gold -covered tokens are used to handle international business. However, he warned that the project is associated with risks and challenges.
It is important to know that several countries are increasingly drawing their attention to gold -covered tokens. This is in line with the aim of the BRICS countries to reduce their dependence on the dollar. With Brazil as a pioneer, the gold bills could also play a key role in the upcoming BRICS payment system.
How CNF reportedthe Russian President Vladimir Putin emphasizes that the system would help to facilitate independent trade between the Brics countries. The establishment of the payment system is a reaction to the desire of the BRICS countries to strengthen their position in the global financial system.
The economist Jim Rickards therefore believes that the BRICS countries can use digital gold in their payment system without having to worry about the constant delivery. In view of the recent strong performance of the gold, a token with gold -down token could soon find its way into global payment transactions. However, it should be noted that this path would be associated with great resistance from the governments, especially the United States.
Donald Trump’s threat to the BRICS countries
While the BRICS block is still looking for alternative payment methods, US President Donald Trump has a serious warning to the block. Trump has threatened the BRICS states with 100% import duties if they turn away from the US dollar.
How In our last short report mentionedthe President asked the blocks of the block to refrain from agreements with other currencies. He pointed out that non-compliance could lead to economic sanctions and a possible exclusion from the US markets.
Later Trump increased customs threat to 150 %, such as In our previous contributionmentioned. The President claimed that his government had noticed a decline in talks about a new currency in the BRICS countries. In contrast to Trump’s opinion, the BRICS members did not subside when looking for new financial possibilities, as the Russian pilot test shows with digital gold systems.
In addition, Wladimir Putin has called for more transactions in national currencies. Some members, such as Iran, still support the formation of a common currency.
