Richard Liu, cofounder of Huma Finance, has shared insights on the future of blockchain-based payment systems within the BRICS nations, suggesting a promising trajectory for adoption, especially in India, Brazil, and South Africa. Based on the data provided in the document, these countries are poised to leverage innovative technologies to enhance their financial ecosystems.
Challenges of Blockchain Integration in Countries with Currency Controls
Liu pointed out that countries with stringent foreign currency controls, such as China and Russia, will continue to pose challenges for blockchain integration. His remarks come amid ongoing efforts by BRICS countries to enhance financial cooperation, including exploring digital currency settlements.
Opportunities for Emerging Markets
He emphasized that for emerging markets with more adaptable regulatory frameworks, blockchain technology presents a viable solution to the inefficiencies associated with traditional systems like SWIFT. Liu also highlighted the potential for T+0 same-day settlement, which could greatly benefit smaller businesses that depend on rapid cash flow.
In a recent development, OnePipe has launched a new payment scheduling feature aimed at helping Nigerians automate their utility payments, addressing a significant issue highlighted in a survey. For more details, see read more.