There is good reason to believe that Brics Pay could be a net positive for cross-border payments
Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.Currently accounting for nearly 60% of global currency reserves, the US has benefited immensely from its currency’s elevated status. Brics Pay could change that, especially with its emphasis on financial sovereignty.
In fact, Brics Business Forum attendees were given cards pre-loaded with the equivalent of R500 in rubles, which could be used at various points around the conference venue so that they could see first-hand how the system works. This ensures that ownership is based on volume of activity and geographical diversity rather than being concentrated in a small band of organisations and geographies.
Even when people aren’t expecting instant payments, this batch processing can still lead to delays in funds transfers, especially across time zones. Let’s start with the fact that Brics Pay is probably the first system with the potential to genuinely compete with SWIFT since its founding. That said, the US is unlikely to give up its position of financial dominance easily. While there haven’t been any official statements from US officials concerning Brics Pay, some have expressed indirect concern about the broader trend of de-dollarisation and the rise of alternative payment systems.
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