BRICS Payment System a SWIFT Substitute? Network to Implement Digital Assets and Financial Messages

The Russian Finance Minister offered insight into the inner workings of the new BRICS payment system at the recent summit held in Kazan. Anton Siluanov stated that the modern system will take digital financial assets into account and will be able to deliver financial messages.

BRICS Proposed Payment System Might Use Digital Assets as Currencies

The new payment system proposed at the BRICS summit held in Kazan will be multicurrency and will allow a higher integration level of digital financial assets with traditional networks. Anton Siluanov, the Russian Financial Minister, explained more about the inner workings of this system and how it would innovate to reduce dependence on the U.S. dollar.

However, SWIFT is also experimenting with adding digital asset messaging features to its global payment network. In September, the organization shared that this feature was still in the testing stages, focusing on integrating central bank digital currencies into its network.