Russian Finance Minister Anton Siluanov confirmed that the BRICS alliance is considering various financial innovations for payment settlements. He said cross-border payment options are being discussed for bilateral trade settlements with local currencies. Siluanov also said that the bloc is considering using digital technologies, such as blockchain networks, to ensure smooth transactions.
Also Read: BRICS to Launch Gold-Backed Stablecoin To Challenge the US Dollar?
“We are considering our various financial innovations on the BRICS floor, including the cross-border payment system that can be based, further to bilateral settlements, on national currencies with consideration of digital technologies and digital financial assets,” Siluanov said in the latest interview with Tass.
“The buildup of the (BRICS) financial infrastructure is very important for the development of trade and economies of our countries,” the minister added. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. The move will strengthen local currencies and push the US dollar on the path of decline.
Also Read: India Conveys to BRICS: ‘We Will Not Ditch the US Dollar’
BRICS: New Financial Payments to Be Discussed at the Summit
The 17th BRICS summit in Brazil’s Rio de Janeiro will see the member nations discuss new financial payment options. Members such as China, Russia, and Iran are eagerly awaiting new trade innovations without incorporating the US dollar. The trio wants local currencies to reign supreme and halt the dominance of the US dollar’s hold on global finances.
Also Read: BRICS: 35% of Russia’s Foreign Exchange Reserves Is Gold
Russia and Iran are reeling under sanctions and are unable to lift their economies up. China, on the other hand, is aiming for global domination using the alliance as a stepping stone. Each BRICS members have contrasting agendas for settling financial payments as their economies are built differently.
The upcoming BRICS summit will hold talks on the new financial options chaired by Brazil. The summit is scheduled to be held on July 6 and 7, 2025, where all leaders will gather to discuss payment settlements without relying on the US dollar.