End of a hegemony? For years, the BRICS alliance has been trying to equip itself with a unified payment system, or perhaps even a common cryptocurrency. This long quest could find its conclusion in the coming days with the upcoming BRICS Summit 2024, because an experiment with the “BRICS Pay” payment solution is already being demonstrated at the BRICS Business Forum taking place on October 17 and 18.

BRICS Pay aims to bring down US dollar dominance

The 16th BRICS Summit will be held in Kazan, in the heart of Russia, from October 22 to 24, 2024. The event will bring together around thirty nations, including of course the founding members Brazil, Russia, India, China and South Africa, as well as the new members of BRICS+, namely Saudi Arabia, Egypt, Ethiopia, the United Arab Emirates and Iran.

But even before this big meeting, these countries are already meeting at the BRICS Business Forum, which is being held at the International Trade Center in Moscow on October 17 and 18, 2024. And a real bombshell was dropped there. Indeed, the “BRICS Pay” application is being demonstrated there for the very first time!

500 rubles to try the application inspired by blockchain crypto technology

On the official website of the BRICS Pay project, we learn that single-use QR code cards are being distributed free of charge at the Moscow Business Forum. Each of them allows you to credit 500 rubles (about $5.2) to the application. These can then be used in several shops spread throughout this international fair.

Before his recent declarations of love for Bitcoin (BTC) and cryptocurrencies, former US President Donald Trump already saw the end of the dollar's dominance. With the BRICS Pay ecosystem now seemingly in the midst of operational testing in real-world situations, the end of this American monetary hegemony seems closer than ever. The BRICS Summit 2024, which will be held next week, should teach us more about this geopolitical and monetary revolution.