BRICS Unveils Groundbreaking New Payment System Initiative

The BRICS alliance has announced a major development in its financial infrastructure with the introduction of a new payment system. This strategic move aims to enhance cross-border transactions and reduce dependency on traditional financial networks. The system is expected to leverage advanced technologies to facilitate seamless and secure transactions among member nations and their partners. Analysts suggest this could reshape global economic dynamics by offering an alternative to existing payment frameworks. Further details regarding implementation timelines and technological specifications are anticipated in the coming weeks.

New BRICS Payment System Will Be Open To All Countries

Lavrov revealed that the BRICS alliance is working on the formation of a new payment system where all countries can settle trade deals without the US dollar. Transactions can be settled in local currencies and the payment mechanism will not incorporate the US dollar in any form. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.

This means that even non-BRICS countries can settle trade deals in the upcoming new payment system.

The Minister also revealed that the new BRICS payment system will not depend on the US and Europe-dominated SWIFT.he summed it up.