BRICS Pay Digital Blockchain Payment System Launched
An alternative to Swift, BRICS Pay creates the financial infrastructure for a multi-polar world
The BRICS bloc has made a major step towards de-dollarizing its domestic economies in order to limit the risks associated with foreign policies.
A new system, BRICS Pay, has been launched. The new financial settlement platform is expected to facilitate trade and financial transactions between the BRICS members as well as those countries that are not members of the bloc. It is advertised as an international system “for all countries”.
BRICS Pay is a blockchain based system: it operates on a distributed ledger. It is neither a central bank digital currency nor a cryptocurrency. The platform is designed as a blockchain service that accepts any of the members’ currencies as well as the United States dollar. While BRICS Pay is technically a rival to SWIFT, the Finance Minister of South Africa stated that it is designed to be an alternative payment system.
BRICS Pay serves several main purposes such as international trade, cross-border payments, payments between companies, investments and Microfinance.
This is a major step towards streamlining trade between the bloc’s member countries as well as creating the infrastructure necessary for a transition towards a multi-polar world.
I discuss further details of the BRICS Pay settlement system in my video available on Rumble. You are welcome to watch it here.
Stay connected:
https://rumble.com/c/LenaPetrova
https://www.youtube.com/@lenapetrova
https://twitter.com/_lenapetrova
Check this out about the digital euro. The ECB is now moving into their next phase of releasing their CBDC.
https://winepressnews.com/2023/10/20/european-central-bank-says-the-digital-euro-is-on-the-move-and-is-nearing-release/
I'm surprised India has joined up with China, I didn't realize they were that cozy. Brazil, India, and South Africa teaming up with one full blown Communist country and one that used to be Communist and the leader of that country would like nothing more than return to a full blown communist country is confusing to me also. My opinion has always been if you play with fire you will get burned, and playing footsie with China and Russia could be a poor decision economically and politically.