TechPression

Tag: BRICS

  • BRICS plans Independent payment system using Blockchain

    BRICS plans Independent payment system using Blockchain

    The BRICS alliance, comprising Brazil, Russia, India, China, and South Africa, unveils plans to develop an independent payment system fueled by blockchain technology and digital currencies.

    The plan is part of strides to strengthen financial autonomy and reduce reliance on the US Dollar.

    This initiative, set to roll out in 2024, aims to revolutionise international transactions while prioritising user accessibility and cost-effectiveness.

    Read also: BRICS Skills Olympics applications open for SA’s top tech talent

    South Africa’s Involvement and Priorities

    South Africa, a key member of the BRICS alliance, is deeply involved in shaping the vision of the independent payment system. As part of this endeavour, the country collaborates with other BRICS nations to ensure that the new infrastructure caters to the needs of governments, businesses, and individuals. Moreover, South Africa emphasizes the importance of neutrality in financial transactions, aligning with the BRICS’s objective of fostering a politically independent payment ecosystem.

    BRICS’s Strategic Goals for Financial Autonomy

    Highlighting the alliance’s strategic objectives, Kremlin aide Yury Ushakov emphasises the necessity of increasing BRICS’s influence within the international financial landscape. Building on the 2023 Johannesburg Declaration, BRICS leaders prioritise promoting settlements in national currencies and fortifying correspondent banking networks. These strategies aim to reduce dependence on the US dollar and facilitate smoother cross-border transactions among member states.

    A focal point of BRICS’s financial autonomy agenda is the development of the Contingent Reserve Arrangement (CRA). This financial mechanism, designed to address emergencies, sees contributions from BRICS countries. South Africa actively participates in advancing CRA’s functionality, exploring the feasibility of utilizing non-US dollar currencies within the framework. This endeavour underscores BRICS’s commitment to diversifying global currency reserves.

    Bitcoin’s Potential Role in BRICS’s De-dollarization Efforts

    Amid mounting speculation about the potential role of Bitcoin in challenging the dominance of the US dollar, BRICS countries contemplate leveraging the flagship cryptocurrency and its underlying technology. While BRICS has yet to confirm adoption plans, the alliance’s decision to embrace blockchain technology signals a broader shift towards digital currencies. South Africa, along with other BRICS members, closely monitors developments in the cryptocurrency space, recognizing its potential impact on de-dollarization initiatives.

    A Paradigm Shift in Global Finance

    The BRICS alliance’s pursuit of an independent payment system and exploration of alternative currencies marks a significant departure from traditional financial paradigms. With South Africa actively contributing to this transformative agenda, the region anticipates a more inclusive and resilient financial landscape that is less reliant on traditional monetary frameworks. As global institutions and investors embrace digital currencies, BRICS’s vision for financial autonomy gains momentum, heralding a new era in international finance.

  • BRICS Skills Olympics applications open for SA’s top tech talent

    BRICS Skills Olympics applications open for SA’s top tech talent

    The SA BRICS Business Council is seeking talented emerging tech professionals in South Africa for the BRICS Future Skills Challenge.

    According to a recent announcement, the next BRICS Future Skills Challenge will focus on South Africa, Brazil, Russia, India, and China’s problems with energy, water, and health.

    The course will take place in Johannesburg, South Africa, from September 12 to September 15, 2023, both in person and online.

    The council wants to have a lot of people come and will pay for the trip costs of 120 people from South Africa. These chosen people will work with experts in their fields to solve real problems in their areas of expertise.

    Read also: EMTECH signs partnership with West African monetary institute

    The BRICS Future Skills Challenge is open to professionals between the ages of 16 and 35, as well as university and TVET college students. Participants will have the chance to compete against their peers from other BRICS countries, either as individuals or as part of a team.

    Joanne Brink, founder of TechWays and project lead at BRICS Future Skills, says that there are many benefits to taking part in the challenge. She emphasised that those who were chosen would get training, real-world case studies, and foreign experience that would look good on their resumes.

    Benefit for BRICS participants

    Participants will also get awards and have the chance to compare their skills around the world. Those who do especially well will also have the chance to meet possible employers and establish themselves as South Africa’s top talents.

    Brink said, “The competition will not only show off the skills of our tech professionals, but it will also help us figure out where there is a lack of skills.” This information will help us figure out where to put our efforts to build a pool of tech skills for South Africa’s future.

    To equip participants for the challenge, training sessions led by industry experts will be conducted via webinars on Saturdays throughout August.

    uLesson introduces Miva Open University

    The competition will encompass various skill categories, including aircraft maintenance, Agri IOT, building information modeling, cyber security, data science, digital twin, drones, internet marketing, manufacturing robotics, mobile app development, renewable energy, and robotic process automation.

    Individuals who are interested can submit their applications for the BRICS Future Skills Challenge here until June 30, 2023.