One of the most important Russian senators, Valentina Matviyenko, stated that the new payment system by BRICS It is already at an advanced stage, with testing in all Member States.
According to her at a press conference in recent days, the BRICS chairmanship with Russia has ensured that the system has evolved rapidly. The country assumed the rotating presidency in February 2024while former Brazilian President Dilma Roussef holds the position of President of the BRICS NBD until 2025.
BRICS is urgently trying to create a new payment methodsince one of its members, the Russia, is suffering from sanctions over the attack on Ukraine.
“BRICS Bridge, a new digital payment method, will be a global bomb in a good way,” says Russian senator
As Russia pulls out of SWIFT and sanctions mount around the worldhas become a difficult task to carry out transactions in dollars or euros. However, the BRICS summit will take place in October 2024 and could seal the arrival of the new payment method.
According to the portal Bag, Valentina Matviyenko stated that the new cross-border payment system of the BRICS countries should be a global bomb in a good way.
“Within BRICS, there is now talk about establishing the independent financial payment platform BRICS Bridge, an autonomous mutual payment system on a solid common platform. I have spoken with the Central Bank and the Ministry of Finance, it is going well“, she said. “It is being discussed with colleagues from central banks and finance ministries of all BRICS countries, including new members“, Matviyenko said, adding that Russia, as president of the BRICS, is in charge of all this.
“If it works, it will be a global bomb, in the best sense of the word“, the head of the Senate noted. She expressed hope that this issue will be discussed at the summit of BRICS heads of state in Kazan in October.”Perhaps it will then be approved, or at least the discussions will lead to a decision on when and in what format it should be finalised, meaning that this is no longer just an idea, but is moving forward in practice.“, he emphasized.
Nearly 160 countries have already shown interest in the BRICS payment system
According to information from the Governor of the Central Bank of Russia, Elvira Nabiullina, 159 countries are ready to adopt the BRICS payment system.
It is worth noting that most of these are not part of the block, but must use the payment method in commercial transactions.
“BREAKING: 159 countries set to adopt BRICS payment system.”
BREAKING:
159 countries are ready to adopt the BRICS payment system. pic.twitter.com/8HwY7cjdEs
— Globe Eye News (@GlobeEyeNews) August 16, 2024
A page that appeared on the internet is called BRICS-Pay says the payment method project involves the creation of a central bank digital currency (CBDC).
calling itself a decentralized blockchain technology, the solution has the support of Brazilians, Russians, Indians, Chinese and South Africans. However, the seriousness of the information on the website has not yet been confirmed by the bloc authorities.
BRICS is an economic cooperation group formed by Brazil, Russia, India, China and South Africa. The bloc, founded in 2006, aims to promote economic development and strengthen the global influence of its member countries.
Together, the BRICS represent a large part of the global economy and are responsible for much of global production and trade. The group is now looking for alternatives to the global financial system dominated by the US and Europepromoting greater cooperation in areas such as trade, finance, energy and technology.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
