Following the highly anticipated BRICS 2024 Summit, the economic alliance has given an update on its development payment system while reiterating its focus on challenging the US dollar in 2025. The bloc had long been rumored to debut notable de-dollarization efforts this year.
However, the bloc has failed to debut the long-awaited BRICS Pay platform in 2024. Speaking about the state of the alliance, Russian President Vladimir Putin downplayed the necessity of such a project. Yet, that may be starting to change. A recent announcement has the collective likely to continue work on a similar project.
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BRICS Payment System to Launch 2025? Official Gives Update on Project Status
At the BRICS Business Forum in Moscow this year, the alliance showed off a new BRICs Pay platform. It had pre-loaded cards branded with the Alliance logo that hinted at a monumental announcement nearing. With the 2024 Summit taking place that week, the geopolitical world watched with bated breath.
Yet, the alliance arrived, but an announcement about the platform didn’t. Although sentiments made at the event led many to believe the work had been abandoned, this doesn’t appear to be the case. In a recent statement, BRICS gave an update on the payment system project and its challenge of the US dollar.
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Russian Foreign Minister Sergey Lavrov recently discussed the project. Specifically, he noted that it was still under development at the alliance. Although he did not give a concrete arrival date, he did discuss when the platform could be on its way to launching for alliance nations.
“The work on the creation of new payment platforms, as I said, was launched in BRICS under the Russian presidency and will be continued by our Brazilian successors in 2025,” Lavrov said. Moreover, he noted that challenging the status of the greenback remains a focus while committing Russia to “play its important role” as a top global economy.