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A new digital payments system, BRICS Pay, debuted for live testing at this week’s BRICS Business Forum at the International Trade Center in Moscow. (businesstech.co.za)

submitted 4 weeks ago by yogthos@lemmygrad.ml to c/worldnews@lemmygrad.ml

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[–] Comprehensive49@lemmygrad.ml 8 points 3 weeks ago* (last edited 3 weeks ago) (1 children)

Efficiency depends on the actual cost of the ledger to the users, not just the energy costs. The decentralized BRICS ledger will only cost the participating nations servers and energy, which on the nation-level is practically negligible. The current U.S. system requires a percentage cost per transaction from all nations who have to send their money to a U.S. intermediary bank.

This means that overall, the BRICS decentralized system will actually cost participating nations much less than the current US system, not counting the other benefits of not relying on the USA. Calculations covered by Ben Norton here project 15 billion USD in savings from not paying the US transaction fees.

[–] TankieReplyBot@lemmygrad.ml 1 points 3 weeks ago* (last edited 3 weeks ago)

I found a YouTube link in your comment. Here are links to the same video on alternative frontends that protect your privacy: