TASS reported that, in a move to announce a payment system similar to SWIFT , Deputy Chairman of the Russian State Duma (Russian House of Representatives) Alexander Babakov said that the establishment of a separate payment system is similar to the payment system. Western SWIFT will help create a new economic reality for BRICS countries.
According to Mr. Babakov, Western banks and funds will not finance the development of the African continent, because they do not want the continent to escape the control of neo-colonialism. Therefore, establishing a separate payment system requires many different institutions, especially an investment bank and a clearing bank to be merged into one.
"The BRICS financial agenda has as its main initiative the construction of a new economic reality that addresses both main tasks - creating our own payment system for the BRICS countries, similar to SWIFT, based on state banks, has the ability to process payments of counterparties from BRICS countries and the relevant role of this bank" - Mr. Babakov said.
Vice Chairman of the State Duma of Russia - the country that will assume the role of Chairman of BRICS in 2024 - noted that the development and implementation of its own payment system will help BRICS countries reduce their dependence on Western financial institutions. and increase national financial autonomy.
With the help of this system, BRICS countries can carry out financial transactions without the intervention of external organizations.
"It is necessary to create a new system of financial institutions. The new system must be technically compatible with the existing financial infrastructure of the participating countries, including integration with payment systems At the same time, the system must ensure a high level of security and data protection to prevent cyber attacks and unauthorized access to financial information. " - Mr. Babakov added. According to him, this will require the introduction of advanced encryption and cybersecurity technologies.
The creation of such a system will lead to increased economic efficiency due to reduced transaction costs, as well as acceleration of transactions, which in turn will accelerate capital turnover and improve liquidity. This is especially important for companies involved in international trade" - Deputy Chairman of the Russian State Duma Babakov emphasized.
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.
In addition to the common payment system, BRICS is also making efforts to promote the goal of establishing a common currency to counterbalance the USD.
BRICS launched the de-dollarization program after the US imposed sanctions on Russia in February 2022 because of the military campaign in Ukraine.
