BRICS Pay: A New Challenge to the Global Financial System • BRICS Nations

BRICS is an acronym for Brazil, Russia, India, China, and South Africa, five major emerging economies that are significant players in the global economy. The BRICS nations were first identified as a group in 2001 by economist Jim O’Neill, and they have since become an important force in global trade and investment.

The BRICS nations account for a significant share of the global economy, with a combined GDP of over $23 trillion and a population of over 3 billion people. They are also major exporters of natural resources and other commodities.

BRICS Pay

BRICS Pay is a proposed international payment system that is being developed by the BRICS nations. It is intended to be an alternative to the SWIFT system, which is currently the dominant international payment system.

BRICS Pay is still in its early stages of development, but it is expected to be operational by 2025. The system will be based on a distributed ledger technology (DLT) platform, which will make it more secure and efficient than the traditional SWIFT system.

Why and who are they?

The BRICS nations are developing BRICS Pay for a number of reasons. First, they want to reduce their reliance on the US dollar, which is the dominant currency in the SWIFT system. This would make them less vulnerable to US economic sanctions and other forms of financial pressure.

Second, the BRICS nations want to create a more efficient and cost-effective payment system. The SWIFT system is expensive and can be slow, especially for cross-border transactions. BRICS Pay is designed to be cheaper and faster than the SWIFT system.

Third, the BRICS nations want to promote trade and investment between themselves and other emerging economies. BRICS Pay will make it easier for businesses in the BRICS countries to trade with each other and with other countries that are not part of the SWIFT system.

How it works❓

BRICS Pay will be a distributed payment messaging mechanism system (DPMS). This means that it will not rely on a central clearing house like the SWIFT system. Instead, transactions will be processed and verified by a network of nodes that are distributed around the world.

This will make BRICS Pay more secure and efficient than the SWIFT system. It will also make it more difficult for governments to censor or block transactions.

BRICS Pay will be open to all countries, but it is expected to be particularly beneficial for emerging economies. It will make it easier for businesses in these countries to trade with each other and with other countries around the world.

BRICS Pay is still in its early stages of development, but it has made significant progress in recent years. In 2022, the BRICS nations signed an agreement to develop a common payment platform. The platform is expected to be operational by 2025.

A number of institutions and businesses in the BRICS countries have already adopted BRICS Pay. For example, Petrobras, Brazil’s state-owned oil company, has begun to use BRICS Pay for cross-border transactions.

The development of BRICS Pay is a significant event in the global financial system. It is a challenge to the dominance of the US dollar and the SWIFT system. If BRICS Pay is successful, it could lead to a more decentralized and inclusive global financial system.

Thank you for your time! Before you leave:

👏 Show your appreciation by clapping and following the writer!

🐦 Follow us on Twitter (X), Sologenic, and YouTube for more updates.

🌐 Explore more about us on nftplanetarium.at or visit our Linktree.

Stay connected and stay inspired! ✨🌟 #NFTPlanetarium