According to the BRICS representative at the meeting in Russia on June 11, the new BRICS payment system has been confirmed and will become a competitor to the current USD payment system - the global reserve currency.
Watcher.guru reported that the top BRICS member countries' economic ministers have announced that they are in the final stages of completing the de-dollarization process.
BRICS's goal is to create a multipolar international currency system to challenge the USD's position as the world's only reserve currency.
The new BRICS payment system has been rumored and discussed for a long time, but now the group has officially confirmed that it is developing this system with the first goal of ending the dominance of the US dollar.
Over the past two years, the BRICS economic alliance has sought to resolve the challenge of the global economic situation. The bloc aims to de-dollarize, promote the BRICS common currency and abandon Western financial systems.
First Vice President of the Russian State Duma (Russian House of Representatives) Alexander Zhukov revealed that 80% of payments by BRICS countries have been made in national currencies. He believes BRICS has the ability to expand the use of national currencies in payments.
On June 10-11, the 2024 BRICS Foreign Ministers' Meeting was held in the Russian city of Nizhny Novgorod to discuss the expansion of the bloc and economic cooperation. Current topics include upcoming BRICS+ expansion, de-dollarization efforts, and building more economic and trade ties with each other. The development of the BRICS common currency was also discussed.
The 16th BRICS Summit is scheduled to be held in Russia's Kazan region in October 2024. The 10-member BRICS group - Brazil, Russia, India, China, South Africa, Saudi Arabia, the United Arab Emirates (UAE), Egypt, Iran and Ethiopia - will decide the bloc's direction at the upcoming summit and commit to building a stronger partnership.
Anton Kobykov, a personal adviser to the Russian president, said that 59 countries have expressed interest in joining BRICS in 2024. He added that in addition to BRICS, many other countries have applied to join the Shanghai Cooperation Organization (SCO) and the Asian Economic Union (EAEU) this year. Some countries are interested in the concept of multipolarity and want to stay away from the US dollar.
President Putin's advisor emphasized that both BRICS and the SCO will be reliable organizations by 2024. We can safely say that the SCO is destined to become a new center of economic power in a changing world, Kobykov stressed.
