BRICS Pay: The BRICS’ payment system that’s not linked to the US dollar
The BRICS group has moved towards expanding non-dollar payments, as the group’s countries seek to move away from the US-controlled SWIFT banking correspondence system.
The group’s plans include creating an international payment system called BRICS Pay based on blockchain technology, which could allow it to bypass Western sanctions and obstacles.
This payment system will operate in a decentralized manner and will include multiple currencies, and it’s expected to contribute to strengthening the economic influence of the BRICS group and enhancing the global visibility of the national currencies of these countries, which may pose a threat to the position of the US dollar.
The BRICS countries aim to move away from the US currency and use national currencies in international trade.
Statistics have shown that a large percentage of commercial transactions between Russia and China are carried out in Russian rubles and Chinese yuan.
The idea of BRICS Pay is based on establishing a special platform that relies on digital currencies in the group’s countries to implement financial settlements, which means breaking the monopoly of the Western “SWIFT” system in global financial operations.
This step comes in the context of the United States’ use of the dollar as a tool in sanctions, which prompted countries in the world led by the BRICS group to increase the use of national currencies in international trade.
