After recent rumblings surfaced of how many nations would embrace the impending BRICS Pay system, the bloc has confirmed 159 participants are set to adopt the new payment system. Indeed, the economic alliance system is poised to hit the ground running when it finally launches.
Now, all eyes are on when that launch will take place. Many have surmised that it would be announced at the highly anticipated 2024 Summit. Moreover, it would be set to go live in what would be a groundbreaking unveiling. If that were to happen, the bloc has already noted there is a long line of entities ready to embrace it.
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BRICS Payment System to Feature 159 Participants, Alliance Confirms
Earlier this year, the BRICS bloc announced the creation of a blockchain-based payment platform. It would be set to redefine the collective’s global economic standing. Moreover, it would compete with some of the largest payment systems worldwide. That includes the Western-dominated SWIFT system.
Now, the BRICS group confirmed that 159 participants will adopt the new payment system. Indeed, Russian officials verified the number in a recent correction, according to a Yahoo report. Although previous statements rumored 160 countries would be involved, the number was clarified in subsequent reports.
The payment system is crucial to the bloc’s ongoing de-dollarization efforts. It will provide participating countries with an avenue to trade in local currencies. Therefore, it will greatly hinder how these nations settle trade. Ultimately, decreasing international necessity for the greenback.
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This would be vital for Russia, following 2022 sanctions that greatly affected their trade capabilities. That weaponization was a key reason for the adoption of de-dollarization efforts. Now, the bloc is set to more thoroughly compete on a global stage. And so too will the nations whose currencies get increased adoption through the payment platform.
The confirmation also notes that more than 20 countries will be set to take part in the BRICS Pay platform. Although they did not clarify those nations, they are likely among the countries seeking to join the alliance this year. The impending 2024 summit will also deal with ongoing expansion hopes.
Countries like Venezuela, Malaysia, Thailand, Nigeria, and Turkey have sought entry into the bloc. The latter is a recognized NATO member. Their inclusion would greatly shift the bloc’s standing in a geopolitical sense. They would be recognized as the first NATO nation to be embraced within the global south-based collective.