BRICS Launched New Payment System: BRICS Currency Explained | Global First

The BRICS nations will make a milestone by launching their intra-bank payment system, a bold initiative to reduce reliance on the US dollar and challenge Western financial dominance through networks such as SWIFT. It will allow BRICS countries to conduct financial transactions in their national currencies (BRICS Currency), thereby encouraging economic independence and sovereignty. At the very heart of it all is BRICS Bridge, which cuts red tape for settlements in central bank digital currencies; this bolsters financial cooperation among member states that include Russia and Iran.

It aims to reshape global trade, with the increasing emphasis on de-dollarization, by encouraging the use of local currencies and by circumventing the costs and complications in currency conversion. The fact that more countries are showing interest in membership shows that its influence keeps growing, and this makes its intra-bank system a potential game-changer for international finance.

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