by Leo Hohmann, Leo’s Newsletter:

Russia, feeling spurned by the West, has decided to create an all new financial infrastructure that’s totally independent of Washington, New York, London, Paris, Berlin and Basel.

Russia officially announced on March 4 the creation of a new blockchain-based digital payment system, which will effectively empower the 10-member BRICS nations to use their own currencies, while avoiding the U.S. dollar and Western terminals controlled by the Swift banking system.