BRICS: The launch of the payment system cannot be canceled
BRICS has confirmed that the launch of the new payment system cannot be canceled. Sergey Ryabkov, the BRICS Sherpa, emphasized that there is no possibility of backtracking on this plan. At the summit in Kazan, Russian President Vladimir Putin also pointed out that the current payment method is a significant barrier to cooperation within the bloc and asserted that BRICS will not build its own payment system, but will use existing systems to carry out cross-border payments. He believes that the current infrastructure is capable of addressing this issue, including the financial messaging system operated by the Central Bank of Russia and other BRICS central banks.
In addition, BRICS member countries are also looking to enhance banking and payment linkages using national currencies. Despite efforts to reduce dependence on the US dollar, technical and political challenges remain significant issues to address in the future. However, BRICS recognizes the importance of developing an independent payment mechanism to meet the needs of financial cooperation.
