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[size=36]BRICS adopts a payment system that is not linked to the dollar[/size]
Economy | 01:00 - 03/26/2024
Mawazine News - Baghdad
The BRICS group is moving to expand payments not tied to the dollar, as the group’s countries seek to move away from the “SWIFT” banking correspondence system, which is controlled by the United States.
The plans of the group, which includes Russia, China, Brazil, South Africa, India, Saudi Arabia, the Emirates, Egypt and Ethiopia, include establishing an international payment system, “BRICS Pay,” based on “Blockchain” technology, that is, on the basis of digital assets.
It will be possible to overcome Western sanctions and obstacles thanks to this decentralized mechanism, which will include multiple currencies. The mechanism will contribute to strengthening the economic influence of the BRICS group and accelerating the emergence of a supranational currency, which represents a direct threat to the status of the American currency.
One of the main goals of the BRICS countries is to move away from the dollar and use national currencies in commercial transactions. It should be noted that 95% of trade transactions between Russia and China are carried out in rubles and yuan.
“All of this enhances the ability to pay and strengthens economic resilience to ambiguity, uncertainty and external shocks,” says Shen Yi, head of the BRICS Research Center at the Development Research Institute of Fudan University in China.
The idea of the mechanism revolves around creating a special platform based on digital currencies in the BRICS countries to implement financial settlements, which will break the monopoly of the Western SWIFT system on financial operations around the world. A few days ago, Russian Presidential Assistant Yuri Ushakov revealed the intention of the BRICS countries to create a system. Payment based on digital currency technology.
In light of the United States using the dollar as a tool in sanctions and the American public debt reaching an astronomical level, countries in the world, led by the BRICS countries, are working to increase the use of national currencies in international trade.
The BRICS group is moving to expand payments not tied to the dollar, as the group’s countries seek to move away from the “SWIFT” banking correspondence system, which is controlled by the United States.
The plans of the group, which includes Russia, China, Brazil, South Africa, India, Saudi Arabia, the Emirates, Egypt and Ethiopia, include establishing an international payment system, “BRICS Pay,” based on “Blockchain” technology, that is, on the basis of digital assets.
It will be possible to overcome Western sanctions and obstacles thanks to this decentralized mechanism, which will include multiple currencies. The mechanism will contribute to strengthening the economic influence of the BRICS group and accelerating the emergence of a supranational currency, which represents a direct threat to the status of the American currency.
One of the main goals of the BRICS countries is to move away from the dollar and use national currencies in commercial transactions. It should be noted that 95% of trade transactions between Russia and China are carried out in rubles and yuan.
“All of this enhances the ability to pay and strengthens economic resilience to ambiguity, uncertainty and external shocks,” says Shen Yi, head of the BRICS Research Center at the Development Research Institute of Fudan University in China.
The idea of the mechanism revolves around creating a special platform based on digital currencies in the BRICS countries to implement financial settlements, which will break the monopoly of the Western SWIFT system on financial operations around the world. A few days ago, Russian Presidential Assistant Yuri Ushakov revealed the intention of the BRICS countries to create a system. Payment based on digital currency technology.
In light of the United States using the dollar as a tool in sanctions and the American public debt reaching an astronomical level, countries in the world, led by the BRICS countries, are working to increase the use of national currencies in international trade.
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