The US Treasury Department has taken a firm stance on cross-border payment systems that fail to meet its standards. Brent Neiman, Under Secretary for International Finance, emphasized that any system not aligned with US expectations could destabilize global markets and jeopardize economic security.

This warning comes as BRICS+ alliance nations actively work to develop their own payment systems to bypass Western platforms like SWIFT.

US Aims to Maintain Leadership in Global Payments

"The United States must lead in cross-border payment systems," Neiman stated during a Federal Reserve Bank of New York conference. According to him, global payment networks must not only be efficient but also comply with anti-financial crime measures.

The US aims to maintain the dollar's dominance and establish rules that favor American interests. "Connecting with the US requires transparency and shared policy goals," Neiman added.

BRICS and the Move Toward Financial Independence

BRICS nations have recently initiated efforts to create payment systems independent of Western networks. These systems aim to shield their economies from sanctions and strengthen financial autonomy. Russia and China, weary of US dominance, are spearheading this initiative to reduce reliance on the dollar.

The US has long used its control over the global financial system as a political tool, as demonstrated by freezing Russian reserves following its invasion of Ukraine.

Cryptocurrencies and Stablecoins as Risks to Traditional Systems

Neiman warned that poorly designed payment systems or unregulated cryptocurrencies could create chaos in global markets. He also highlighted the risks associated with stablecoins—digital currencies pegged to fiat money. The Treasury Department plans to establish a federal framework for stablecoin regulation to prevent their misuse in bypassing traditional systems.

Blockchain technologies and cryptocurrencies are revolutionizing cross-border money transfers. They are faster, cheaper, and harder to regulate, posing a significant threat to the dollar's dominance.

US Must Modernize Its Payment Systems

Neiman stressed the need to modernize American payment systems to remain competitive. Faster, safer, and more efficient dollar-based systems could strengthen the US's position in global markets.

"Improving a dollar-focused system would reinforce American values and leadership," Neiman stated.

The United States recognizes that challenges posed by BRICS and cryptocurrencies require a strategic response to secure its influence in the future.

#GlobalEconomy , #CryptoNewss , #Stablecoins , #digitalcurrency , #GlobalFinance



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