WorldInLast24Hrs | Ankesh Tiwari on Instagram: "BRICS recently unveiled their blockchain-based payment system, BRICS Pay, designed to reduce reliance on Western financial systems like SWIFT. This system aims to streamline cross-border transactions between BRICS nations (Brazil, Russia, India, China, and South Africa), using local currencies and blockchain technology. This move aligns with the bloc's broader goal of de-dollarization and increasing financial independence.
BRICS Pay is set to launch soon, with over 150 countries expressing interest in adopting it. The system promises faster, cheaper transactions, enhanced financial inclusion, and economic resilience. One of its primary goals is to provide an alternative to Western-dominated financial networks, offering countries a way to bypass potential sanctions. It is also expected to integrate with other national payment systems, such as India's UPI and Russia's Mir.
The official rollout is anticipated during a major BRICS summit in late 2024, marking a significant step toward reshaping global finance.
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#explore"25K likes, 654 comments - worldinlast24hrs on October 17, 2024: "BRICS recently unveiled their blockchain-based payment system, BRICS Pay, designed to reduce reliance…
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@RodrickSage Wonder how available it will be for westerners.
As soon we start to use it the more will US and EU lose money and go bankrupt.