Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
BRICS to discuss new payment systems at October summit in Kazan

BRICS to discuss new payment systems at October summit in Kazan

GrafaGrafa2024/09/24 02:10
By:Liezl Gambe

BRICS nations are set to discuss alternative payment platforms during the upcoming summit in Kazan from October 22 to 24, as part of efforts to reduce reliance on traditional financial systems. 

Russian Foreign Minister Sergey Lavrov confirmed that a report outlining potential alternatives will be presented at the summit, which will be hosted by Russian President Vladimir Putin. 

The initiative follows a proposal by Brazilian President Luiz Inacio Lula da Silva during the August 2023 BRICS summit. 

Lavrov emphasised the growing use of national currencies in BRICS trade, particularly between Russia, China, and India. 

He stated, “With China, we carry out over 90% of our trade in national currencies, and with India, this figure reaches 60%.” 

This shift is seen as part of a broader dedollarisation trend, where BRICS countries aim to reduce dependency on the U.S. dollar in global trade. 

The report, prepared by BRICS finance ministers and central banks, will explore ways to create alternative payment platforms. 

Lavrov stressed the importance of this move, highlighting that the use of national currencies in trade is expanding as countries seek more resilient financial systems. 

The BRICS nations' focus on alternative payment systems aligns with growing dissatisfaction with U.S. economic policies. 

Lavrov added, “The United States continues its policy of economic pressure on other countries, but this era is already coming to an end.” 

0

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.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!