BRICS Adopts Digital Economy
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News Date: January 24, 2024
From January 17 to 19, 2024, the Moscow City Government delegation participated in the Smart Cities India Expo in New Delhi.
Sergey Cheremin, Minister of the Moscow City Government, addressed the exhibition's opening and engaged in various sessions in the business program.
He emphasized the longstanding cooperation between India and Russia and highlighted potential areas for bilateral partnership.
"We are united by the common goal of building the most modern infrastructure, creating a safe and comfortable urban environment. One of the most promising areas of our cooperation is undoubtedly information technology and the digital economy. India and Russia are striving to become leaders in this field, and joining forces can create a synergistic effect," Cheremin stated.
In December of the previous year, China and Russia announced a groundbreaking test for a hack-proof quantum communication link using the Mozi satellite.
The BRICS alliance, having dominated the geopolitical sector in 2023, announced a six-country expansion plan during the Annual Summit.
Now, as attention turns to 2024, both Russia and India, amidst the BRICS initiative, are collaborating on a digital economy and expressing commitment to developing a native BRICS currency, rumored to be blockchain-based.
Also, the BRICS Pay system was launched last year to rival the Western SWIFT payment system and establish BRICS-based alternatives.
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Utah state Rep. Ken Ivory is spearheading a groundbreaking effort to allow vendors to receive payments in gold and silver through a digital platform backed by physical metals. Speaking on the John Solomon Reports podcast, Ivory expressed optimism about overriding Gov. Spencer Cox’s veto of the bill, noting that the state House has already approved a veto override session. This legislative momentum underscores Utah’s commitment to exploring innovative financial systems rooted in constitutional principles.Ivory emphasized Article I, Section 10 of the U.S. Constitution, which declares, “No State shall... make any Thing but gold and silver Coin a Tender in Payment of Debts.” He argued that this clause supports the bill’s importance, calling gold and silver “constitutional money.” The proposed system would be voluntary, using digital delivery to modernize the use of precious metals without violating federal law or the Constitution’s ban on fiat currency.
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