By BRICS Launches BRICS Pay Blockchain Payment System In Further Move To De-Dollarize
by Jacob M. Thompson | Winepress News
BRICS Pay, which has been in existence for a number of years now, has recently gone through a bit of a rebranding phase and has regained greater points of use ahead of the annual BRICS summit.
The New Economic Era Has Begun: Imagine a world where your currency doesn’t bow to the dollar. That’s what attendees at the BRICS Business Forum experienced firsthand, testing a system designed to bypass traditional financial gatekeepers. This sneak peek into BRICS Pay not only… pic.twitter.com/ZyqWULAGlo
— The Truth Teller (@truthtelleraf) October 18, 2024
Coin Trust reported:
BRICS Pay is a digital payment system designed to facilitate faster and more secure transactions among the BRICS countries. Built on blockchain technology, the platform promises to offer a more efficient and transparent alternative to traditional banking methods.
With the ability to send and receive money quickly and securely, BRICS Pay is expected to benefit both businesses and individuals looking to engage in cross-border trade within the BRICS nations.
One of the primary advantages of this new system is its potential to reduce the reliance of BRICS countries on the U.S. dollar, which remains the dominant currency in global trade. By allowing transactions to be settled in local currencies through BRICS Pay, the member nations could achieve greater financial independence. This shift would not only reduce their exposure to dollar fluctuations but also strengthen their respective economies by encouraging the use of their own currencies in international trade.
This resource encapsulates the collective expertise of BRICS Business Council members from various nations, including those yet to formally join BRICS+ but committed to contributing to a new global financial and payments architecture within the BRICS+ framework
BRICS Pay says on its website
The WinePress reported on BRICS Pay around this same time last year, but at the time the developers behind BRICS Pay explicitly stated that their platform was designed to facilitate CBDCs and tokenized assets. Read Full Article >
