In a historic milestone, the BRICS – Brazil, Russia, India, China, and South Africa – launch BRICS Pay and an innovative digital currency, with the clear goal of breaking the dependence on the dollar in international trade. This disruptive bet, driven at their latest Business Forum, marks a turning point in the global financial system, seeking to reduce dependence on the SWIFT system and promote direct trade among member countries.
What is BRICS Pay and why could it change the game?
BRICS Pay is not just a simple payment card. This platform, based on blockchain technology, allows for cashless payments, promising to streamline transactions and strengthen the independence of BRICS countries. The inherent security and transparency of the blockchain system ensure that each transaction is protected, while its ability to interoperate between national currencies allows for agile and direct payments.
This alternative introduces new payment technologies such as QR codes and integration with global platforms like Visa, Mastercard, and WeChat Pay, allowing for an inclusive user experience tailored to the needs of each country.
A fairer global financial system
One of the goals behind BRICS Pay is to promote equity in global transactions. As blockchain pioneer Diego Gutiérrez Zaldívar highlights, "we are in the midst of a power competition among Nation-States, cryptocurrencies, and corporations." This new system does not aim to replace the national currencies of each country, but to create a network of transactions that operates without external interference, an innovative approach with the potential to reform global financial relations.
The digital currency of the BRICS: a step further
The introduction of the bloc's digital currency, tentatively called Unir and backed by assets like gold, is a tangible alternative to the US dollar. The motivation of BRICS lies in reducing exposure to sanctions and fluctuations of the dollar. While there is still a long way to go for this system to be widely adopted, its launch marks a milestone, especially for its potential impact on the adoption of alternative financial technologies and the decentralization of global trade.
The implications for the cryptocurrency market
For the crypto market and Binance users, the emergence of a digital currency from the BRICS represents a significant change. By offering a global network resistant to geopolitical pressures, BRICS Pay could introduce new players into the digital economy. From Argentina to South Africa, the impact of this initiative will test the hegemony of the dollar and could open the door to new investment opportunities in cryptocurrencies within the bloc.
This strategic move redefines the role of local currencies and cryptocurrencies in a global context. As experts mention, BRICS countries aim to establish a more inclusive, equitable financial system adapted to the challenges of the 21st century. The question is: is the world ready for a truly multipolar economic system?