BRICS Pay allows member countries to trade directly without depending on the US dollar.
The fresh framework uses blockchain technology for safe and quick settlements.
This move aims to create more financial freedom for BRICS nations and reduce Western influence.
The BRICS alliance has begun a new payment structure called 'BRICS Pay.' This system helps member nations trade without using the US dollar. It allows transactions through blockchain technology and removes the need for the SWIFT messaging system. This move could change the way international finances work.
Showcasing the New System
At the BRICS Business Forum in Moscow, the collaboration demonstrated how BRICS Pay operates. Participants received demo cards preloaded with 500 rubles, which is about $5.15 USD. They could use these cards for spending at various vendors within the World Trade Center. This demonstration gave attendees insight into the future of cross-border trade among BRICS nations.
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Moreover, the exchange method mainly relied on QR codes. These codes connect national subscription platforms with commercial methods across BRICS+ countries. This means BRICS Pay enables transactions in digital currencies and stablecoins linked to the national currencies of member states. This technology improves security and makes international transactions easier.
Future Prospects for BRICS Pay
BRICS has plans to expand this transfer mechanism. Future efforts aim to enhance business-to-business payment solutions. The alliance also intends to develop the BRICS+ UNIT, a cryptocurrency initiative led by Russia. These actions show BRICS's commitment to creating a more independent financial environment for its member nations.
Over the past year, BRICS has worked to reduce reliance on the US dollar in trade. This change aligns with Russia's recent decision to lift its ban on digital assets for international payments. Therefore, BRICS Pay is an important step towards creating a trading framework that limits Western influence.
President Putin highlighted the role of digital currencies for BRICS and other emerging economies. Forum discussions focused on how these currencies can encourage investment development. The new payment system aims to help not only BRICS nations but also other developing economies seeking alternatives to traditional banking.
Impact on Global Trade Dynamics
The launch of BRICS Pay raises important questions about the future of the US dollar in global trade. As BRICS promotes this new system, it challenges the dollar's dominance. This change could reshape international transactions and affect trade relationships worldwide.
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