BRICS Just Confirms 159 Participants Will Adopt New Payment System as Summit 16th Heads Down
Earlier this year, the BRICS bloc announced the creation of a blockchain-based payment platform. It would be set to redefine the collective’s global economic standing. Moreover, it would compete with some of the largest payment systems worldwide. That includes the Western-dominated SWIFT system.
Now, the BRICS group confirmed that 159 participants will adopt the new payment system. Indeed, Russian officials verified the number in a recent correction, according to a Yahoo report. Although previous statements rumored 160 countries would be involved, the number was clarified in subsequent reports.
The payment system is crucial to the bloc’s ongoing de-dollarization efforts. It will provide participating countries with an avenue to trade in local currencies. Therefore, it will greatly hinder how these nations settle trade. Ultimately, decreasing international necessity for the greenback.
This would be vital for Russia, following 2022 sanctions that greatly affected their trade capabilities. That weaponization was a key reason for the adoption of de-dollarization efforts. Now, the bloc is set to more thoroughly compete on a global stage. And so too will the nations whose currencies get increased adoption through the payment platform.
The confirmation also notes that more than 20 countries will be set to take part in the BRICS Pay platform. Although they did not clarify those nations, they are likely among the countries seeking to join the alliance this year. The impending 2024 summit will also deal with ongoing expansion hopes.
Countries like Venezuela, Malaysia, Thailand, Nigeria, and Turkey have sought entry into the bloc. The latter is a recognized NATO member. Their inclusion would greatly shift the bloc’s standing in a geopolitical sense. They would be recognized as the first NATO nation to be embraced within the global south-based collective.
Not that the BRICS alliance has been for months now planning to create an independent payment system to settle cross-border transactions among member nations. The new payment system which will not integrate the US dollar into the mechanism, could settle trade in local currencies.
The US dollar could be sent on the path of decline and strengthen the native currencies of developing countries.
The chances of hyperinflation in the homeland remain high if the US fails to import the dollar across the world. Developing countries are aiming to cut ties with the US dollar in the hopes of toppling it as the world’s reserve currency. The BRICS payment system could be the vehicle that could meet the financial aspirations of developing nations.
As more countries have currently expressed their interest in joining the BRICS alliance before the 2024 summit, all of them are developing countries hailing from Asia, Africa, South America, and Eastern Europe. The newfound ambition is to strengthen their local currencies and not be dependent on the US dollar for trade. Therefore, the upcoming BRICS payment system could meet their requirements and be beneficial to local currencies for trade.
Valentina Matviyenko, the Speaker of Russia’s Federation Council expressed that the BRICS payment system could convince other developing countries to start using it for trade payments to end reliance on the US dollar.
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