RT’s Emms: BRICS Payment System Will Use Blockchain Technology, Which Means It’s Not Owned by Any Gov’t

Reporter Massive things are ░░░░░░░░ right here One of ░░░░░░░░ really important parts of ░░░░░░░░ is the whole idea ░░░░░░░░ this unified currency this ░░░░░░░░ currency that Putin has ░░░░░░░░ is simply not ready ░░░░░░░░ s now suggesting prioritize ░░░░░░░░ national currencies But there ░░░░░░░░ also the BRICS bridge ░░░░░░░░ is the I guess ░░░░░░░░ opposition to SWIFT is ░░░░░░░░ this this new transaction ░░░░░░░░ that s interconnectivity is ░░░░░░░░ the BRICS Bridge Reporter ░░░░░░░░ Yes BRICS Bridge the ░░░░░░░░ system and a financial ░░░░░░░░ How big a deal ░░░░░░░░ that EMMS Yeah I ░░░░░░░░ guys it s actually ░░░░░░░░ very significant if not ░░░░░░░░ significant than a national ░░░░░░░░ And I ll tell ░░░░░░░░ for why So if ░░░░░░░░ use the traditional SWIFT ░░░░░░░░ that we ve all ░░░░░░░░ well we all live ░░░░░░░░ Russia now so we ░░░░░░░░ t much Laughs We ░░░░░░░░ to But before that ░░░░░░░░ I wanted to send ░░░░░░░░ let s say I ░░░░░░░░ give you a real ░░░░░░░░ Let s say we ░░░░░░░░ about Africa a lot ░░░░░░░░ Let s say I ░░░░░░░░ in one country in ░░░░░░░░ and I want to ░░░░░░░░ money to another African ░░░░░░░░ Now this is how ░░░░░░░░ it is guys You ░░░░░░░░ to use the SWIFT ░░░░░░░░ which is run by ░░░░░░░░ U S which means ░░░░░░░░ than likely you re ░░░░░░░░ to use a U ░░░░░░░░ corresponding bank to send ░░░░░░░░ to neighboring countries which ░░░░░░░░ crazy right It s ░░░░░░░░ for probably three reasons ░░░░░░░░ one SWIFT is governed ░░░░░░░░ the United States which ░░░░░░░░ the United States can ░░░░░░░░ all of that trade ░░░░░░░░ quite frankly is None ░░░░░░░░ their business Number two ░░░░░░░░ money the fees that ░░░░░░░░ in association with those ░░░░░░░░ transaction go to usually ░░░░░░░░ U S corresponding bank ░░░░░░░░ number three is just ░░░░░░░░ frankly ludicrous in every ░░░░░░░░ way that I could ░░░░░░░░ to you today Reporter ░░░░░░░░ And also so consumer ░░░░░░░░ right EMMS Absolutely Reporter ░░░░░░░░ So high transaction cost ░░░░░░░░ are delays because we ░░░░░░░░ to wait for it ░░░░░░░░ cross through all these ░░░░░░░░ plus there s no ░░░░░░░░ That s why the ░░░░░░░░ of this blockchain right ░░░░░░░░ is something that people ░░░░░░░░ because they feel what ░░░░░░░░ going to be immune ░░░░░░░░ any kind of oversight ░░░░░░░░ Absolutely You just brought ░░░░░░░░ that word blockchain so ░░░░░░░░ want to probably get ░░░░░░░░ and maybe we re ░░░░░░░░ a bit but I ░░░░░░░░ it s very important ░░░░░░░░ us to understand 15 ░░░░░░░░ ago when BRICS was ░░░░░░░░ the a new payment ░░░░░░░░ just would have been ░░░░░░░░ impossible However what s ░░░░░░░░ since around 2008 when ░░░░░░░░ foundation of what people ░░░░░░░░ called Bitcoin now this ░░░░░░░░ t Bitcoin we shouldn ░░░░░░░░ confuse people it s ░░░░░░░░ nothing to do with ░░░░░░░░ it s nothing like ░░░░░░░░ but it s using ░░░░░░░░ fundamental technology which is ░░░░░░░░ you said blockchain technology ░░░░░░░░ number one is open ░░░░░░░░ which means it s ░░░░░░░░ owned by any government ░░░░░░░░ means that anyone can ░░░░░░░░ on it and number ░░░░░░░░ it allows as long ░░░░░░░░ there is consensus between ░░░░░░░░ using it in this ░░░░░░░░ this would be nation ░░░░░░░░ to build a fundamentally ░░░░░░░░ financial system that I ░░░░░░░░ t think we ve ░░░░░░░░ in generations It could ░░░░░░░░ the moment of our ░░░░░░░░