BRICS news and updates

BRICS has unveiled significant details about its new payment system, aimed at enhancing financial cooperation among its member countries—Brazil, Russia, India, China, and South Africa. This initiative is part of a broader strategy to reduce reliance on the US dollar and challenge the dominance of Western financial systems like SWIFT.

Key Features of the BRICS Payment System​

• Decentralization: The system is designed to distribute financial flows among multiple participants, minimizing the risk of central failures and enhancing stability and transparency
• Interoperability: Utilizing open APIs, the BRICS payment platform will allow seamless transactions across different payment systems, enabling faster and more secure fund transfers
• Digital Currencies: Settlements will be conducted using national currencies or a new digital currency developed specifically for BRICS. The platform will support transactions in local currencies, facilitating easier cross-border trade without needing to convert to US dollars
• Blockchain Technology: The payment system will leverage blockchain to ensure secure and transparent transactions. This technology aims to streamline processes that traditionally involve multiple intermediaries, thus speeding up transaction times significantly
  
  

  Adoption and Impact​

  • Widespread Interest: Reports indicate that 159 countries are interested in adopting this payment system, highlighting its potential to reshape global trade dynamics and enhance economic sovereignty for participating nations
  • Launch Timeline: The BRICS payment system is expected to be officially launched at the upcoming BRICS summit in October 2024. This timing aligns with ongoing discussions about enhancing financial independence from Western systems

Strategic Importance​

The establishment of this payment system is seen as a crucial step for BRICS nations to bolster their economic ties and facilitate smoother trade interactions. By promoting local currency usage and reducing transaction costs, the BRICS payment platform could significantly alter the landscape of international finance, particularly for countries seeking alternatives to Western-dominated financial mechanisms.

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[Akbar26]

Leaders from 36 countries pose together for a picture during BRICS summit:

India
China
Russia
Brazil
Egypt
Ethiopia
Iran
Saudi Arabia
South Africa
UAE
Armenia
Azerbaijan
Bahrain
Bangladesh
Belarus
Bolivia
Congo
Cuba
Indonesia
Kazakhstan
Kyrgyzstan
Laos
Malaysia
Mauritania
Mongolia
Nicaragua
Serbia
Sri Lanka
Tajikistan
Thailand
Turkey
Uzbekistan
Venezuela
Vietnam
Turkmenistan
Palestine

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The BRICS group has confirmed that 159 countries are set to adopt its new payment system, known as BRICS Pay. This initiative aims to enhance financial cooperation among member states and reduce reliance on the U.S. dollar for international transactions.

Key Features of BRICS Pay:​

• De-Dollarization Efforts: The payment system is crucial for the bloc's strategy to facilitate trade in local currencies, thereby diminishing the dominance of the U.S. dollar in global trade.
• Blockchain Technology: BRICS Pay is expected to utilize blockchain technology to enable secure, efficient, and real-time transactions across member countries.
• Interoperability: For widespread adoption, the system must integrate seamlessly with existing financial infrastructures and payment networks globally.

Implications:​

• Economic Independence: By adopting this payment system, participating countries can enhance their economic autonomy and reduce vulnerability to external financial pressures.
• Global Financial Landscape: The introduction of BRICS Pay could significantly alter the dynamics of international finance, providing a viable alternative to established systems like SWIFT.

This development reflects a broader trend among nations seeking to establish independent financial mechanisms amidst geopolitical tensions and economic challenges.

 

[Akbar26]

President Putin was gifted a mock-up of a “BRICS bill” at the BRICS Summit in Kazan.

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BRICS is reportedly planning to launch a new banknote, tentatively called "the unit,"aimed at replacing the U.S. dollar in international transactions. This initiative is part of broader discussions among BRICS nations to enhance trade using local currencies, reflecting a significant shift in global economic dynamics.

Key Highlights:​

• New Payment System: The proposed banknote is expected to complement the BRICS Pay system, which allows member countries to conduct transactions in their local currencies. This move is part of ongoing efforts to reduce dependence on the U.S. dollar and challenge its dominance in global finance.
• Historic Summit Discussions: The discussions surrounding this new currency are taking place during the 16th BRICS Summit in Kazan, Russia. Leaders from member countries are engaging in serious talks about how to implement this new financial infrastructure effectively.
• Global Participation: Reports indicate that 159 countries are set to adopt the BRICS payment system, highlighting significant interest from nations seeking alternatives to traditional Western financial systems.
• Symbolic Banknote Unveiling: At the summit, a symbolic BRICS banknote featuring the Taj Mahal was unveiled, further emphasizing the bloc's commitment to establishing a new financial identity.

This initiative marks a pivotal moment for BRICS as it seeks to redefine international trade and finance, potentially reshaping the global economic landscape by providing an alternative to the U.S. dollar.

 

[sidkhan2]

America says:
"Russia is isolated"

.

https://twitter.com/x/status/1849683344528691452

 

[AbdulQadir7]

BRICS is reportedly planning to launch a new banknote, tentatively called "the unit,"aimed at replacing the U.S. dollar in international transactions. This initiative is part of broader discussions among BRICS nations to enhance trade using local currencies, reflecting a significant shift in global economic dynamics.

Key Highlights:​

• New Payment System: The proposed banknote is expected to complement the BRICS Pay system, which allows member countries to conduct transactions in their local currencies. This move is part of ongoing efforts to reduce dependence on the U.S. dollar and challenge its dominance in global finance.
• Historic Summit Discussions: The discussions surrounding this new currency are taking place during the 16th BRICS Summit in Kazan, Russia. Leaders from member countries are engaging in serious talks about how to implement this new financial infrastructure effectively.
• Global Participation: Reports indicate that 159 countries are set to adopt the BRICS payment system, highlighting significant interest from nations seeking alternatives to traditional Western financial systems.
• Symbolic Banknote Unveiling: At the summit, a symbolic BRICS banknote featuring the Taj Mahal was unveiled, further emphasizing the bloc's commitment to establishing a new financial identity.

This initiative marks a pivotal moment for BRICS as it seeks to redefine international trade and finance, potentially reshaping the global economic landscape by providing an alternative to the U.S. dollar.

View attachment 1033391View attachment 1033392

While BRICS discusses the end of the dollar era, the US State Department
is contorted. State Department spokesman Vedant Patel said that undermining the role of the dollar and developing alternatives to SWIFT is a direct threat to democracy in the world

https://twitter.com/x/status/1849594914385891378

 

[AbdulQadir7]

https://twitter.com/x/status/1849444772911468725

 

[HaiderAfan]

https://twitter.com/x/status/1849444772911468725

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[HamzaWaseem]

https://twitter.com/x/status/1849737888985952270

 

[AbdulQadir7]

Russian Foreign Minister Sergey Lavrov has emphasized that BRICS (Brazil, Russia, India, China, and South Africa) is not aimed at "divide and rule" tactics but rather seeks to establish a new, fair global order. His comments were made during the recent BRICS summit held in Kazan, Russia, where he highlighted the bloc's commitment to fostering cooperation among emerging economies to counterbalance Western dominance in global affairs.

Key Points from Lavrov's Statements:​

• Commitment to Fairness: Lavrov asserted that BRICS aims to create a more equitable international system that prioritizes the interests of developing nations, contrasting it with what he described as the exploitative practices of Western powers.
• Expansion of BRICS: The recent expansion of BRICS to include new members such as Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE is seen as a testament to its growing influence and authority on the global stage. This expansion reflects a collective desire among these nations to collaborate on shared economic and political goals.
• Multipolar World Vision: Lavrov reiterated the importance of a multipolar world where no single nation or bloc can impose its will on others. This vision aligns with the broader goals of BRICS to reshape global governance structures and promote dialogue among diverse nations.
• Response to Global Challenges: The discussions at the summit included addressing pressing global issues such as security, economic stability, and climate change. BRICS leaders collectively voiced their commitment to finding solutions through cooperation rather than confrontation.

Overall, Lavrov's remarks underscore BRICS's strategic role in advocating for a new world order that challenges existing power dynamics and promotes a more inclusive approach to international relations.

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