BRICS payment systems gain traction as alternatives to US dollar
BRICS nations are witnessing growing global interest in their alternative payment platforms, which aim to reduce reliance on the U.S. dollar and euro.
Russian Foreign Minister Sergey Lavrov highlighted the appeal of these systems during a press conference after talks with Egyptian Foreign Minister Badr Abdelatty.
Lavrov noted that BRICS’ payment platforms provide countries with the ability to engage in trade, investment, and other economic activities without depending on currencies perceived as political tools by Western powers.
Lavrov emphasised the significance of these platforms in enabling countries to avoid U.S. and Western sanctions, stating, "Many are attracted by the fact that payment platforms are being developed within BRICS, which allow trading, investing, carrying out other economic operations without being dependent on those that decided to weaponise the dollar and the euro."
The BRICS economic bloc, originally composed of Brazil, Russia, India, China, and South Africa, recently expanded to include Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE).
Key initiatives under development include BRICS Pay, BRICS Bridge, Russia’s SPFS, and a proposed BRICS financial messaging system.
These platforms aim to provide alternatives to Western-controlled systems like the dollar and SWIFT by promoting the use of local currencies for bilateral trade settlements.
The goal is to enhance financial independence for member countries and reduce vulnerability to geopolitical risks.
Lavrov pointed out that these new payment systems allow countries to manage their economies more autonomously, mitigating the risk of sanctions from the U.S. and its allies.
He noted that concerns are growing among nations about the threat of sanctions, warning, "Everyone understands that any one may face U.S. or other Western sanctions."
The BRICS payment platforms offer a potential pathway for countries looking to maintain sovereignty in their financial dealings while minimising exposure to geopolitical pressures.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Florida teens arrested in connection with a kidnapping and theft of $4M in crypto
Share link:In this post: Three Florida teens have been accused of kidnapping a man at gunpoint and forcing him to transfer $4 million worth of digital assets to them. The teens kidnapped the victim from Las Vegas and threatened to kill him and his father if he didn’t cooperate. Law enforcement agencies across the globe are now warning individuals with substantial crypto holdings to be cautious amid a rise in kidnappings.
UK icons slam AI ‘theft’ in fiery plea to Starmer before key vote
Share link:In this post: Over 400 UK artists urged PM, Keir Starmer, to strengthen copyright laws ahead of an AI legislation vote. UK government’s proposed “opt-out” rule for AI training on copyrighted content faces strong backlash. Hayao Miyazaki and others condemn AI-generated art, fueling copyright debates and legal challenges.
Americans have wiped out $3 trillion in savings in the past 3 years, mostly from stimulus checks
Share link:In this post: Americans have drained $3 trillion in savings since 2021, with excess savings now at negative $900 billion. The US savings rate dropped to 3.9% in March, below pre-pandemic levels of 5-6%. Consumer spending rose 0.7% in March, but GDP still shrank by 0.3% due to soaring imports.

Banking the unbanked, but this time for real?
Trending news
MoreCrypto prices
More








