BRICS payment network shows promise of blockchain: Phoenix Group’s Bill Qian

“This initiative proves that blockchain can be used to solve real global economic problems at scale,” said Bill Qian.

By creating a decentralised network for direct currency transactions, BRICS aims to circumvent barriers posed by the established SWIFT dollar settlement infrastructure.

Earlier this year, the BRICS group of nations expanded, with the UAE and Saudi Arabia, among others, joining the bloc. Experts have previously commented on the enlarged blocs stated objective, “to spearhead the de-dollarisation of the world economy.” The use of a blockchain network could aid in this effect.

Bill Qian notes blockchain’s key attributes of transparency, lack of centralised control and ability to process transactions in different jurisdictions simultaneously make it ideal for this challenge.

“No other technology allows you to build a cooperative financial network on this level playing field free from political influence,” he stated.

If successful, the BRICS system could demonstrate how blockchain empower nations seeking payment autonomy while reducing costs and friction for international commerce.

Bill Qian believes this use case shows why blockchain will continue gaining mainstream adoption globally as new applications are discovered.

While technical integration hurdles remain, BRICS‘ willingness to pursue this frontier points to an optimistic future of distributed infrastructure shaping finance.

Phoenix Group, one of the world’s largest mining operations with a 725MW global mining operation, is based in Abu Dhabi in the UAE. The emirate has adopted a variety of initiatives to support the cryptocurrency and blockchain sector, encouraging firms to set up and do business.

“The forward-thinking approach taken by authorities like ADGM and ADX has created a fantastic business climate for blockchain companies,” Bill Qian commented.