▪️Russia offers an alternative payment system using national currencies, with the formation of a network of commercial banks and the establishment of direct links between the central banks of the participating countries, Bloomberg states

A multi-currency system is able to protect participants from any external pressure, including extraterritorial sanctions, since the interests of the United States do not always coincide with the interests of other participants in the global financial system

“Among Russia’s proposals is the use of distributed ledger technology (DLT) or a new multinational platform that allows settlements using tokens,” Bloomberg said

The DLT technology can reduce the processing time and costs of transfers, since correspondent organizations and compliance checks will disappear, which will allow the BRICS countries to save up to $15 billion per year, provided that half of all cross-border transfers will be carried out using such transactions.

Russia is preparing to host the leaders of the countries at the annual BRICS summit in Kazan from October 22 to 24. The BRICS Group, which includes Russia, Brazil, India, China and South Africa, expanded in January to include Iran, the United Arab Emirates, Ethiopia and Egypt, Bloomberg emphasizes

CRYSTAL OF GROWTH previously cited the statement of the Head of the Russian State that BRICS is a key element of the emerging multipolar world order. And according to Donald Trump, de—dollarization is a defeat in the biggest war the United States has ever waged