As the BRICS bloc gears up for its 2024 Annual Summit, a groundbreaking development is on the horizon: the debut of BRICS Pay. This innovative blockchain-based payment platform is set to challenge the Western-dominated SWIFT network and further the bloc’s ongoing efforts to de-dollarize global trade.
For years, BRICS—comprising Brazil, Russia, India, China, and South Africa—has been at the forefront of a global shift away from the US dollar. This move has become increasingly significant in light of recent economic upheavals in the United States. With the addition of new members in 2023, including the UAE, Egypt, Iran, and Ethiopia, the bloc has bolstered its economic influence and expanded its reach. The anticipated launch of BRICS Pay marks the next step in this strategic evolution.
According to a recent analysis by EMIR Research founder Dr. Raise Hussin, BRICS Pay is poised to revolutionize international trade dynamics. By facilitating transactions between nations with varying currencies, the platform promises to enhance trade efficiency and reduce dependency on the US dollar. Dr. Hussin highlights that the economic symmetry achieved through BRICS Pay could significantly amplify trade among member countries, offering a robust alternative to the dollar-centric financial system.
The urgency of this development is underscored by the current geopolitical landscape. Former President Donald Trump’s administration had previously proposed drastic measures, including imposing 100% tariffs, to bolster the dollar’s dominance. Although Trump has hinted at easing sanctions, his stance on protecting the dollar remains firm. If re-elected, his policies could further intensify competition and pose new challenges for the BRICS bloc.
Also Read: BRICS Eyes New Payment System to Challenge US Dollar Dominance
In response to these pressures, BRICS Pay is more than just a payment system; it’s a strategic tool aimed at mitigating the impact of Western sanctions and securing a more balanced global economic order. The platform’s debut could not come at a more crucial time, as BRICS members seek to solidify their economic autonomy and reduce their vulnerability to external financial pressures.
The introduction of BRICS Pay is set to be a pivotal moment in global finance, symbolizing the bloc’s commitment to reshaping international trade and reducing reliance on the US dollar. As the world watches closely, the success of BRICS Pay could signal a transformative shift in how countries conduct cross-border transactions, potentially ushering in a new era of economic cooperation and resilience.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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