BRICS De-Dollarization and the Rise of a New Payment System
Monday, 16 September 2024, 17:00
BRICS De-Dollarization Efforts
The BRICS bloc is taking bold steps in the finance arena, pushing for de-dollarization through the establishment of a blockchain-based payment system. This new initiative aims to compete with SWIFT, a traditional leader in global financial messaging.
Blockchain-Based Payment System Overview
- The BRICS payment system will facilitate transactions without relying on the US dollar.
- Approximately 159 nations are showing interest in this innovative model.
- Russia's Financial Messaging System (SPFS) is cited as a prototype for future developments.
Potential Implications for Global Trade
- This payment system may redefine international trade.
- It can impact local currencies and economies globally.
- The move signals a significant shift in financial power dynamics.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.