Russian official: BRICS cooperation on cross-border payment systems will be based on digital technologies and advanced tools such as blockchain

Ushakov, the foreign policy adviser to the Russian president, stated that the cooperation among BRICS countries in the cross-border payment system will be based on advanced tools such as digital technology and blockchain. This will effectively solve the problems currently existing in the cross-border payment system. The establishment of a common cross-border payment system among BRICS countries will be a steady and gradual process, and its prospects need to be further observed. Guo Hanbing, a postdoctoral researcher at the Financial Research Institute of the Chinese Academy of Social Sciences, pointed out that the Hong Kong dollar real-time payment settlement system is efficient, stable, and meets international standards, which can serve as an important entry point for Hong Kong to participate in the construction of the new payment system. By combining blockchain technology to create a distributed ledger payment solution, payment efficiency can be improved. In addition, by cooperating to develop an AI-driven payment risk prediction model, payment risks can be accurately identified and prevented, making the new payment system more stable and reliable, while Hong Kong consolidates its leading position in financial technology during this process.