Leading investment bank JP Morgan has warned that the new BRICS payment system could weaken the US dollar’s global hegemony. The bloc is working towards the formation of a new payment system called ‘BRICS Pay’ where a basket of currencies will be used to settle cross-border transactions. The yet-to-be-launched payment mechanism will not incorporate the…
The BRICS alliance unveiled a new payment system that bypasses the US dollar for all trade and transactions. The system, called ‘BRICS Pay,’ is a type of credit and debit card that seamlessly transfers money in real-time without the need for the SWIFT messaging system and the US dollar. The alliance released an exclusive video…
The development of BRICS Pay is part of broader de-dollarization efforts, with Russia and China leading initiatives to create financial independence from the U.S. dollar. As BRICS expands to include nations like Saudi Arabia, Egypt, and the UAE, BRICS Pay could play a key role in international projects. The BRICS alliance has unveiled the demo…
BRICS’ new payment platforms, which offer alternatives to the U.S. dollar and euro, are attracting global attention, according to Russian Foreign Minister Sergey Lavrov. These systems enable countries to conduct economic activities without relying on currencies used as political tools by Western powers. The Russian official noted increasing interest in these platforms as a way…
With the BRICS Pay platform likely to debut at the alliance’s 2024 Annual Summit, the bloc is set to increase its trade dealings while facilitating a global shift away from the US dollar. An independent think tank has recently delved into the economic groups’ focus on an alternative to the greenback. Moreover, why that focus…
First announced in March of this year, the BRICS Pay platform has garnered a lot of attention. Developed using blockchain technology, it is poised to greatly increase the role the economic alliance plays in global finance. Moreover, it could be set to finally launch as early as next month. The grouping is fast approaching its…