BRICS Officially Announces Financial System Similar to SWIFT

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The BRICS nations (Brazil, Russia, India, China, and South Africa) have officially announced plans to create a financial messaging system similar to SWIFT. This new system aims to facilitate cross-border transactions using local currencies, reducing reliance on the US dollar. The initiative is part of a broader effort to enhance the role of BRICS in the global financial system and promote de-dollarization.

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Sources:

https://kmaupdates.com/2024/07/27/brics-officially-announces-financial-system-similar-to-swift/

https://www.coindesk.com/policy/2024/03/05/brics-will-create-payment-system-based-on-digital-currencies-and-blockchain-report/