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Universa Blockchain to Power Swiss-based Digital Bank for BRICS Member States

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by Andrey Sergeenkov · 3 min read
Universa Blockchain to Power Swiss-based Digital Bank for BRICS Member States
Photo: UniversaBlockchain / Medium

One of Universa Blockchain’s partners, the Blockchain and Cryptocurrency Association, has joined forces with the Joys Platform to roll out a new payment system.

Universa Blockchain and two other partners, including BRICS IT, are working together in launching a Digital Bank project to process transactions for the BRICS member countries, the Russian Association of Cryptoindustry and Blockchain (RACIB), reported on Jan 31.

RACIB, an association focusing on cryptocurrency and blockchain in Russia, has over 2,000 members and is active in regulatory advocacy. In the recent past, under the request of the Expert Council of the State Duma Committee on the Financial Market, they submitted an analysis on several bills.

Integrating the Universa Blockchain in BRICS Digital Transaction Processing

As per the RACIB report, the project, dubbed the BRICS Digital Bank project, will be headquartered in Switzerland. The European country offers a favorable environment for DLT companies and has friendly rules.

The Universa Blockchain will power the bank’s operations, aiding in processing crypto transactions.

Alexander Borodich, the co-founder, was recently appointed as the BRICS Digital Settlement Center task force unit’s co-chairman.

BRICS member states comprise Brazil, Russia, India, China, and South Africa. These countries contribute 31 percent of the world’s GDP.

China is the world’s second-largest economy after the United States, with Russia, Brazil, and India in the top-10.

Digitizing after Coronavirus Disruption

Due to the disruptions of the coronavirus pandemic, the implementation of emerging technologies like blockchain and Distributed Ledger Technology (DLT), in finance, Alexander Borodich reckons, aids in fast-tracking financial inclusion.

Accordingly, the Universa Blockchain will play a role in promoting blockchain adoption and driving awareness to millions, helping them enjoy the advantages of technology in finance.

Oleg Sobolev, the Vice President of the New Silk Road BRICS, a blockchain-based platform that issued the first coins under the BRICS blockchain project, said technological co-operations are important in accelerating the development of the banking project.

He further revealed that one of Universa Blockchain’s partners, the Blockchain and Cryptocurrency Association, has joined forces with the Joys Platform OÜ, an organization enjoined with the BRICS Business Council, to roll out a new payment system.

Universa Blockchain Implementations in MEA

In July 2020, the Tunisian Internet Agency (ATI)-under the country’s Ministry of Communications, collaborated with the Universa Hub Africa to launch the first national blockchain network using Universa Blockchain technologies.

Later, in September 2020, based on Universa Blockchain, the Dubai Multi Commodities Centre (DMCC), an entity formed by the Government of Dubai, in partnership with Al Khaleej Sugar, rolled out the DigitalSugar Trading Platform with support from the DMCC Tradeflow.

The portal is the first to facilitate the spot trading of sugar, a divergence from other derivatives platforms.

Altcoin News, Blockchain News, Cryptocurrency news, News
Julia Sakovich
Author: Andrey Sergeenkov

Founder and editor at BTC PEERS. Andrey writes about financial experiments, DeFi, cryptocurrency, and blockchain.

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