The BRICS alliance has officially announced its blockchain-based payment system while unveiling new details on its development. Indeed, Russian President Vladimir Putin discussed the project that is nearing arrival. Moreover, he announced certain details that could fortify its position as a game-changer in global trade.
There are rumors that the project could officially go live during next month’s annual summit. The 2024 iteration of the event should be centered on the bloc’s de-dollarization efforts. Additionally, there is likely to be talk of continued expansion for the bloc after it increased its member count to nine countries in 2023.
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BRICS Publicly Announce Payment System, Offer Up New Details
The BRICS bloc has not been shy about its efforts to gain more independence in global finance. Throughout various initiatives, it has sought to lessen international reliance on the US dollar. Specifically, to increase the use of its own native currencies, and introduce more multipolarity within international trade.
Now, that is set to take a massive step forward. The BRICS bloc has officially announced its development payment system, discussing even more new details around the project. Russian President Putin highlighted the system, and how it could benefit the economic alliance.
Speaking at the Russian Energy Week forum in Moscow, Putin spoke of “certain difficulties,” the bloc has had in trade. The presence of sanctions and Russia’s denied access to SWIFT has made international banking difficult. Yet, the country is looking to change that.
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“As part of cooperation with BRICS countries, we are working to create our own payment and settlement system,” he said. Moreover, Putin noted it will allow alliance nations to “create conditions for the effective and independent servicing of all foreign trade.”
Additionally, he noted BRICS partners are “extremely interested.” in the transition to national currencies over the US dollar. The developing BRICS Pay project should have a massive impact on that endeavor. Its presence would make international trade settlements in local currencies between BRICS nations easier than ever.