With the BRICS alliance developing its own native payment platform, the project could be headed for a debut at the bloc’s upcoming 2024 summit. The collective has used the summit as a launching pad for major announcements in the past. The native platform could be next in line.
Russia’s Federation Council Speaker, Valentina Matviyenko, has recently said the project is coming along nicely. Indeed, the BRICS Bridge would allow nations to navigate around the Western-dependent SWIFT system. Moreover, it will greatly encourage the bloc’s de-dollarization initiatives.
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Earlier this year, the BRICS bloc announced its very own payment platform. Specifically, Russian Foreign Minister Sergey Lavrov officially announced the project. Its creation would allow global south nations to no longer depend on the US dollar. Instead, it would promote native currency usage for trade settlements.
That BRICS payment platform is well in development, as it could be looking to launch at the 2024 summit. Russia’s Matviyenko recently discussed the timetable for its launch. “I have spoken both with the central bank and the finance ministry. Things are moving along nicely,” she told Russian state media.
“It is being discussed with colleagues from central banks, finance ministries of all RBICS countries, including new members,” she added. “If it works, it will be a bombshell globally, in the best sense,” she noted, before discussing an approval timeline.
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When asked about a launch at the 2024 BRICS summit, she said, “Perhaps it will be approved then, or at least discussions will lead to a decision on when and in which format it should be finalized.”
The event is no stranger to big announcements. At the 2024 Summit, the alliance announced its first expansion effort in more than two decades. It led to Iran, Egypt, Ethiopia, and the United Arab Emirates (UAE) officially joining the group.
The BRICS Bridge could have a similar impact this year. Indeed, it represents a clear de-dollarization approach to unilateral trade. Moreover, it could only increase the overall trade dealings between the alliance nations. If not fully actualized, at the very least, the project will at least be confirmed at the event.