The BRICS organization is moving forward with plans to create an alternative payment system aimed at reducing dependence on the US dollar.
The new initiative, known as BRICS Pay, is being promoted as a decentralized, secure, and self-sustaining platform designed to improve cross-border trade without outside interference.
The first post-expansion BRICS summit will take place on October 22–24 in Kazan, Russia.
This meeting is expected to be an important discussion ground to strengthen economic cooperation between its members, which currently control 37% of the global economy.
With countries such as Ethiopia, Iran, Egypt, and the UAE now joining the ranks of BRICS, the main focus is on how this economic bloc can change the course of world trade and end the dominance of the US dollar.
Russian Finance Minister, Anton Siluanov, emphasized that the global financial system controlled by Western countries puts undue pressure on developing countries.
BRICS Pay, first created since 2019, is expected to offer more faster, and cheaper ways to complete trade between BRICS countries.
BRICS Pay works similarly to SWIFT and can be the basis for economic autonomy and diversification of global trade.
So far, BRICS Pay has had its own website, phone application and even a temporary card model as an evaluation of the success of this system.
Experts from China note that this system can reduce dependence on the dollar and increase the economic sovereignty of emerging markets.
The "de-dollarisation" trend is now growing as many countries look for other alternatives after the restrictions and risks associated with dollar-based trade occur.
The BRICS summit will also feature a demonstration of the BRICS Pay technology, giving attendees an insight into its future role in commerce.
What will result from this summit may not be just cooperation but the beginning of a new economic force that will reshape the global financial system forever.
This initiative is seen as an important step in developing a more balanced international financial system that better meets the economic interests of developing countries.
