Amid ongoing efforts to create a SWIFT alternative, the BRICS alliance is developing its payment system. This system will play a crucial role in the bloc’s trade, enabling transactions without relying on the US dollar. Now 159 countries poised to adopt BRICS new payment system.
The initiative is set to be significant for both the alliance and its participants, with 159 countries reportedly interested, according to a Russian official. If launched in October, it could have far-reaching effects on global markets.
Over recent years, BRICS has intensified its push for de-dollarization, driven by Western sanctions on Russia. This has increased interest in local currencies and alternative payment methods, despite initial skepticism.
Russia’s Central Bank Governor, Elvira Nabiullina, confirmed that 159 countries are ready to adopt the BRICS payment system, which will expand Russia’s SPFS platform, an alternative to SWIFT. Discussions are ongoing regarding the integration of similar platforms, with partner interest and technical readiness being crucial.
The system has gained importance within the alliance, with the BRICS 2024 Summit focusing on its development. Viktoria Panova, head of Russia’s BRICS Presidency Council, emphasized that this mechanism is key to facilitating sovereign trade and economic exchanges among members.
The system’s launch is expected to spark immediate activity and could broaden trade opportunities for BRICS. With many countries interested in joining, the system could be ready by October’s pivotal summit.
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