BRICS’ Big Strike Against the Dollar – BRICS Pay
BRICS’ Big Strike Against the Dollar – BRICS Pay to Launch Soon
The global financial system is on the verge of a major upheaval. The BRICS bloc is planning to create an independent payment system to facilitate cross-border transactions between its members. This initiative aims to reduce its dependence on the US dollar by integrating local currencies for trade.
Towards a New Payment System for BRICS
In line with its de-dollarization policy, BRICS is actively preparing to implement an independent payment system called BRICS Pay. This system is designed to facilitate cross-border transactions between its members without resorting to the US dollar. The initiative is supported by cutting-edge technologies such as blockchain. It can also become a powerful alternative to the SWIFT network.
Valentina Matviyenko, Speaker of the Federation Council of Russia, confirmed that the project is on the right track. “This is no longer just an idea, it is moving forward concretely,” she said. She also added that this system is a response to the aspirations of developing countries that want to free themselves from the hegemony of the dollar.
The main objective of this new mechanism is to allow BRICS member countries to settle their trade transactions in local currencies. This way, they can bypass the economic fluctuations and pressures related to the US currency. More than 50 countries have already expressed interest in joining this initiative ahead of the BRICS summit scheduled for 2024. Most of them come from Asia, Africa, South America and Eastern Europe.
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