The BRICS group is moving to expand non-dollar payments, as the group’s countries seek to move away from the US-controlled SWIFT banking correspondence system. According to the Russian “Novosti” agency.
The plans of the group, which includes Russia, China, Brazil, South Africa, India, Saudi Arabia, the Emirates, Egypt and Ethiopia, include establishing an international payment system, “BRICS Pay,” based on “Blockchain” technology, that is, on the basis of digital assets.
It will be possible to overcome Western sanctions and obstacles thanks to this decentralized mechanism, which will include multiple currencies. The mechanism will
contribute to strengthening the economic influence of the BRICS group and accelerating the emergence of a supranational currency, which represents a direct threat to the status of the American currency.
The BRICS countries together constitute about 42 percent of the world’s population, and also include the five largest and most densely populated countries in the world. Thus, they aim to become a global economic power capable of competing with the “Group of Seven” (G7), which holds 60% of the wealth. Globalism.
BRICS currently represents 23 percent of the world’s gross domestic product and more than 16 percent of global trade, with the size of the group’s economy reaching about $26 trillion, representing about 25.6 percent of the size of the global economy in 2022.