The BRICS alliance has long been at the center of global discussions on de-dollarization and its quest to challenge the US dollar’s dominance. Following the highly anticipated BRICS 2024 Summit, there was widespread speculation that the bloc would unveil its long-awaited BRICS Pay platform, a significant step toward reshaping global finance. However, despite the intense global focus, the payment system remained absent from the summit’s official agenda, leaving many to wonder about the project’s future.
During the summit, Russian President Vladimir Putin downplayed the necessity of launching the BRICS Pay platform in 2024. His remarks sparked speculation that the initiative might be shelved, but recent updates suggest otherwise. The BRICS alliance is still committed to developing the payment system, with expectations pointing toward a potential 2025 launch.
At the BRICS Business Forum in Moscow earlier this year, the alliance showcased the BRICS Pay platform, complete with pre-loaded cards featuring the BRICS logo. This brief preview generated excitement and raised hopes that a major announcement was imminent. Yet, when the 2024 Summit concluded without an update, many believed the project had stalled.
However, Russian Foreign Minister Sergey Lavrov recently provided a crucial update on the payment system’s status. Speaking about the ongoing efforts, Lavrov confirmed that the BRICS Pay platform was still under development. While he refrained from providing a specific launch date, he assured the public that work on the project would continue into 2025 under Brazil’s leadership, as the country assumes the rotating presidency of BRICS.
Lavrov emphasized the alliance’s commitment to challenging the US dollar’s global supremacy, which has been a central focus for Brazil, Russia, India, China, and South Africa since its inception. He stated, “The work on the creation of new payment platforms, as I said, was launched in Brazil, Russia, India, China, and South Africa under the Russian presidency and will be continued by our Brazilian successors in 2025.” This statement reinforces the bloc’s resolve to create a viable alternative to the US dollar, a move that could significantly alter the landscape of international trade and finance.
The BRICS Pay platform aims to facilitate easier, faster, and more secure transactions between member nations, which include Brazil, Russia, India, China, and South Africa. The payment system is expected to reduce dependency on the US dollar and improve economic cooperation within the bloc. If successful, it could also pave the way for broader adoption in other emerging markets seeking alternatives to Western-dominated financial systems.
Despite the delay, the continued development of the BRICS Pay platform indicates that the alliance remains serious about its de-dollarization efforts. As 2025 approaches, global eyes will remain on the BRICS nations, awaiting the potential launch of a payment system that could reshape the global financial order.
The growing importance of this project signals that BRICS is not backing down from its mission to challenge the US dollar’s dominance, and its eventual success could mark a pivotal moment in global finance.
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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