Economy| 01:00 – 26/03/2024
Mawazine News-Baghdad
The BRICS Group is on the move to expand non-dollar payments, as Group countries seek to move away from the U.S.-controlled SWIFT banking system.
The group’s plans, which include Russia, China, Brazil, South Africa, India, Saudi Arabia, the UAE, Egypt and Ethiopia, include the creation of an international BRICS Pay payment system based on blockchain technology, i.e., based on digital assets.
It will be possible to overcome Western sanctions and obstacles thanks to this decentralized mechanism, which will include multiple currencies, and the mechanism will contribute to strengthening the economic influence of the BRICS group and accelerating the emergence of a supranational currency, which is a direct threat to the position of the US currency.
A major goal of the BRICS countries is to move away from the dollar and use national currencies in business transactions. It should be noted that 95% of trade transactions between Russia and China are in rubles and yuan.
“All of this enhances the ability to repay and strengthens economic resilience to uncertainty, uncertainty and external shocks,” says Shin Yi, head of the BRICS Research Center at Fudan University’s Development Research Institute of China.
The idea of the mechanism revolves around the creation of a special platform based on digital currencies in the countries of the “BRICS” to implement financial settlements, which will break the monopoly of the Western “SWIFT” system of financial operations around the world, and a few days ago, Russian Assistant President Yuri Ushakov revealed the intention of the “BRICS” countries to create a payment system based on digital currency technology.
With the US dollar used as a tool in sanctions and the arrival of U.S. public debt at an astronomical level, countries in the world, led by the BRICS countries, are increasing the use of national currencies in international trade.
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