The post BRICS Nations Advance Plans for Dollar-Alternative Payment Systems & Currency appeared on BitcoinEthereumNews.com.

TLDR: BRICS nations aim to reduce US dollar dependence through new financial systems and potential new currency Russia’s Deputy FM states BRICS seeks sovereignty, not anti-Western stance BRICS expanded to include 5 new members in 2024, with 13 additional partner countries Potential BRICS currency could be backed 40% by gold, 60% by local currencies BRICS Bridge payment platform being developed as SWIFT alternative The BRICS economic alliance is taking concrete steps toward establishing alternative payment systems and potentially a new currency, according to recent statements from senior officials. These developments come as the expanded bloc, which added five new members in January 2024, seeks to reduce reliance on the US dollar in international trade. Russian Deputy Foreign Minister Mikhail Bogdanov explained that member nations are pursuing these changes to “strengthen the sovereignty of our countries” and move away from dollar dependency. Speaking to Tass publication, he emphasized that while BRICS is seeking alternatives to Western-dominated systems, the initiative is “not anti-Western.” The alliance has seen major expansion in 2024, with Egypt, Iran, the UAE, Saudi Arabia, and Ethiopia joining as full members. Additionally, 13 nations, including Algeria, Belarus, and Nigeria, have signed on as BRICS partner countries, demonstrating growing interest in the bloc’s financial initiatives. At the 16th BRICS Summit held in Kazan, Russia, from October 22-24, 2024, Russian President Vladimir Putin displayed what appeared to be a prototype BRICS banknote. However, he clarified that the goal isn’t to abandon the SWIFT system entirely but rather to develop alternative methods for using local currencies in transactions between BRICS countries and their trading partners. A key development is the BRICS Bridge multisided payment platform, which Kremlin aide Yury Ushakov described in March 2024. This blockchain-based system aims to connect member states’ financial systems using payment gateways for settlements in central bank…

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Filed under: News - @ October 29, 2024 11:20 am