BRICS Pay starts in Moscow: New era for financial autonomy begins!

BRICS Pay starts in Moscow: New era for financial autonomy begins!

A significant step has been taken for the BRICS countries: BRICS Pay, the eagerly awaited new payment system, has been officially launched. As part of the BRICS Business Forum in Moscow, participants received maps of this project for the first time. This premiere marks a milestone for the alliance.

Russian state media reported that the demo cards contain 500 rubles, which will be accepted at three World Trade locations. Participants can use the funds during the events on Thursday and Friday. The launch of BRICS Pay comes at a crucial time for the economic community.

Past developments and future prospects

In the last two years, the BRICS bloc has made greater efforts to achieve financial autonomy. One focus was “de-dollarization,” i.e. reducing dependence on Western currencies. Just a week before the annual summit, the alliance took a big step in this direction. The BRICS Pay payment system was officially unveiled at the Business Forum in Moscow, and participants received a demo version of the card based on a blockchain-based system.

The card can be registered via a QR code and the funds credited to it are valid for the purchase of drinks or souvenirs at the event. This introduction provides a taste of what to expect at the upcoming summit, as watcher.guru reports.

Expectations for the BRICS summit in 2024

The full introduction of the new payment system is expected at the upcoming BRICS summit in 2024. On this occasion, the world will surely get a better insight into the functionality and the potential participating countries. This development offers new opportunities, particularly for the global south, to intensify trade in local currencies and counteract the dominance of the US dollar.

The debut at the Business Forum could be seen as a preamble to a strategic shift that could profoundly change future trade relations within the BRICS countries. It remains to be seen what dynamics the new system will develop and how it will prevail in practice. More details on this topic can be found in a detailed report on watcher.guru.