BRICS announces new digital payment platform

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Finance ministers discuss BRICS Bridge digital currency payments

Yesterday BRICS finance ministers and central bank governors met in Sao Paulo, Brazil. After the meeting, Russia’s Ministry of Finance said they discussed current payment systems being “used as a weapon of political and economic pressure.” Russia is currently the BRICS Chair. By the end of the year the Ministry and Bank of Russia will produce a report on the options for improving the international financial system. One of the initiatives could be a BRICS Bridge platform, said the Ministry. It didn’t explicitly mention digital currencies.

Specifically, the Ministry said, “We are talking about creating a multilateral digital settlement and payment platform.” However, Sputnik International, one of Russia’s English propaganda networks, went further. It said Finance Minister Anton Siluanov was ready to test digital currencies with China, the Eurasian Economic Union (EAEU) and the Gulf countries.

Another news outlet quoted Siluanov as saying, “The first thing to do is to create a connection to the existing central bank digital currency systems that are already operating in a number of countries. In parallel with this, national financial messaging systems need to be connected.”

A BRICS Bridge shares a similar name with mBridge, the cross border central bank digital currency (cross border CBDC) platform developed by four central banks, including BRICS members China and the UAE.

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However, the expansion to ten BRICS members makes decision making somewhat tricky. Before the meeting, a Russian news outlet reported the South African ambassador to Russia, Mzuvukile Jeff Maketuka, as saying that South Africa would prefer an “African payment system that provides opportunities for trade with global partners””. It wants to avoid the dominance of any one currency. While the dollar was explicitly mentioned, within the BRICS, there’s the potential for China’s renminbi to be used as a surrogate.

BRICS Pay is a joint venture between the five BRICS countries (Brazil, Russia, India, China and South Africa) that was launched in 2018 by the BRICS Business Council among the top priorities in the Annual Report. The team behind the venture consists of individuals from all five countries. This includes experts in payments, banking, technology, and other related fields. They are responsible for developing the platform, creating new features, and providing customer support. Additionally, the team is responsible for managing relationships with partners, governments, and other stakeholders.

BRICS PAY is a digital payments platform that is being jointly developed by the member countries of the BRICS (Brazil, Russia, India, China, and South Africa) economic bloc. BRICS PAY aims to enable digital payments between the different countries in BRICS PLUS format, allowing businesses and consumers to securely and seamlessly make and receive payments in their local currency. The platform is designed to reduce the cost and complexity of international payments, while also providing a secure and reliable way to pay for goods and services.

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BRICS countries have begun creating a new digital payment platform.

Putin explains how BRICS nations are working on a multilateral digital currency and it is necessary because the US dollar keeps printing and every time this happens it’s like a credit card you have to pay more interest. As a result the USD will collapse.

h/t Digital mix guy Spock

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