In an effort to establish an alternative to the international payment system SWIFT , the BRICS group of emerging economies is looking to create its own BRICS payment system.
This system will play a key role in BRICS trade transactions, allowing payments to be made without the need for USD.
This move is said to be very important for BRICS and participating countries. Xinhua News Agency said that, according to Governor of the Russian Central Bank Elvira Nabiullina, there are currently 159 countries that want to apply this system. With an expected launch in October, the system could have a major impact on global markets.
Over the past few years, the BRICS group has pledged to increase de-dollarization efforts . With the impact of Western sanctions on Russia, this move is clearly a boost to the local currency and alternative payment methods. Although many people are still skeptical, it is impossible to deny the popularity of this system up to this point.
According to Governor of the Central Bank of Russia Elvira Nabiullina, 159 countries are ready to apply the BRICS payment system when it comes into operation. Countries are looking to explore expanding Russia's SPFS payment system platform.
Ms. Nabiullina said that this system is an alternative to SWIFT. Furthermore, she added, "similar infrastructure exists in several other countries. We are discussing the interaction of such platforms, but here, the interest and availability The technical readiness of our partners is critical."
Payment systems are becoming increasingly important for the union. According to the head of Russia's BRICS Presidency Council, Viktoria Panova, this mechanism is a priority for the 2024 BRICS Summit next October.
"Active efforts are underway to create a financial settlement mechanism that will make cooperation between BRICS countries easier, maintaining their sovereign economic and trade exchanges," she said. good. "This issue is at the top of the agenda because every member of the group considers it an important issue," she added.
The launch of this system could open the door to expanded trade transactions for the alliance. With so many countries seeking BRICS membership, they may opt to adopt the system when it launches.
At this point, it is likely that the new BRICS payment system is ready for the important summit in October.
Since the beginning of this year, BRICS has admitted 5 new members: Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE), along with former members Brazil, Russia, and India. , China and South Africa. Dozens of other countries have also expressed their desire to join BRICS .
