With the landmark event just days away, the BRICS 2024 Summit is set to see the economic bloc take a major step toward ending US dollar dominance. Indeed, the collective will gather in Kazan, Russia for the event that could be one of its most important. Chief among the matters to be discussed by the bloc is its ongoing de-dollarization efforts.
At the recent Business Forum that took place in Moscow, the bloc officially debuted the long-awaited BRICS Pay system. The alliance debuted a demo card for participants to utilize throughout the weekend. Those efforts will likely continue at the summit, with the bloc poised to make monumental announcements.
Also Read: BRICS Pay: Alliance Officially Unveils New Payment System
BRICS to Take Major De-Dollarization Step at 2024 Summit
The BRICS Summit has become one of the most important days for the alliance. In 2023, it saw the bloc welcome its first expansion effort since 2023. Specifically, the United Arab Emirates (UAE), Egypt, Ethiopia, and Iran joined the collective. This year, the bloc is expected to welcome similar landmark announcements.
Among them are key efforts to lessen economic reliance on the West. Indeed, the BRICS Summit 2024 will see the bloc take a major step toward ending US dollar dominance. According to a new Reuters report, Russia is going to engage participating countries in taking part in building an international payment platform. Specifically, the platform would be “immune” to Western sanctions.
Also Read: BRICS Saudi Arabia: Official Announcement on Membership
Imposed sanctions after Russia’s invasion of Ukraine have been a constant issue for the alliance. Their presence has become a catalyst for the bloc’s continued efforts to promote local currencies. At the upcoming summit, those efforts are set to be magnified as they attempt to increase economic prominence on a global scale.
The proposal will be rooted in the connection of commercial banks. It would utilize blockchain, similar to the developing BRICS Pay platform. Altogether, it will likely be the continued expansion of the payment platform that has been in development for much of the last year.