Russia, China team up against the US dollar with planned blockchain payment system [Video]

The BRICS bloc of countries led by China and Russia are moving ahead with their efforts to move away from the U.S. dollar with an announcement that they plan to create a payment system based on blockchain. 

The five-nation BRICS group, which also consists of Brazil, India and South Africa, will work on creating a payment system based on blockchain and digital technologies, Kremlin aide Yury Ushakov said in an interview with Russian agency TASS late Monday.

“We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain,” Ushakov said. 

“The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics,” he said.

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A blockchain simplifies payments by using a decentralized network where the payment is …