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Latin America’s First CIPS Bank Accelerates BRICS Shift from US Dollar Dominance
Latin America’s First CIPS Bank Accelerates BRICS Shift from US Dollar Dominance
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BTCCSquare news:
Brazil's BOCOM-BBM has become the first Latin American bank to adopt China's Cross-Border Interbank Payment System (CIPS), marking a pivotal moment in BRICS de-dollarization efforts. The MOVE reduces reliance on Western financial infrastructure, with dollar usage in BRICS trade transactions already declining to just 33%.
The CIPS network now spans 1,300 institutions across 110 countries, enabling 65% of BRICS trade to be conducted in national currencies. Russian Foreign Minister Sergey Lavrov noted significant changes in trade patterns during recent meetings, signaling a structural shift in global finance.
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