Could BRICS Pay Be Powered by Ripple’s XRP? A Closer Look Revealed

Years of meticulous development have culminated in the launch of BRICS Pay, a state-of-the-art financial settlement platform meticulously crafted by the BRICS Bloc.This innovative payment method, first unveiled at a conference in 2019, demonstrates its prowess in a video showcasing a seamless transaction:the purchase of South African wine in a Moscow store, facilitated effortlessly via the BRICS Pay mobile app.The BRICS nations— Brazil, Russia, India, China, and South Africa—are united in their mission to transform their trade dynamics and financial exchanges. BRICS Pay emerges as a tool in this quest, aiming to enhance payments between member countries.The integration of BRICS Pay into the global financial ecosystem is already underway, with significant players in the banking sector adopting this novel platform. The UK’s Standard Chartered Bank having incorporated BRICS Pay into its digital payment,thereby enabling its customers to execute payments across BRICS countries. BRICS Pay utilizes blockchain to ensure secure and efficient transactions. However, it distant itself from cryptocurrencies and Central Bank Digital Currencies (CBDCs), positioning itself as a Digital Service that does not mandate a uniform currency for transactions.This empowers member to transact their currencies,fostering inclusivity.The State Bank of India has unveiled an app based on the platform, catering to cross-border transactions. Concurrently, Russia’s Sberbank has forged a partnership with BRICS Pay, extending the benefits of cross-border payments to its customer base.In essence,BRICS Pay is poised to revolutionize international trade, investments, and microfinance, facilitating cross-border payments between companies and contributing to the seamless flow of capital and goods between the BRICS nations.The above stated functions of BRICS pay are the exact functions of Ripples XRP and there are rumors in some quaters that XRP would be the bridge to this seemless and stress free crossBoader

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