Amid the alliance’s continued efforts to create a SWIFT alternative, the economic alliance has sought to create its very own BRICS payment system. It will play a major role in the alliance trade dealings. Specifically, allowing unilateral settlement to be done without the need for the US dollar.
The move is poised to be vital for the bloc and participating nations, and it appears there will be a lot of them. According to one Russian BBC official, there are already 159 countries seeking to adopt the system currently. With a potential launch coming in October, it could have massive global market ramifications.
159 Countries Set to Adopt BRICS New Payment Systemt.co/3vo5yCo05h
— BRICS News (@BRICSinfo) August 16, 2024
Sources:
watcher.guru/news/159-countries-set-to-adopt-brics-new-payment-system?c=515
dinarrecaps.com/our-blog/159-countries-set-to-adopt-brics-new-payment-system
ground.news/article/brics-159-countries-eyeing-russias-new-payment-system