Central banks and finance ministries of all BRICS nations are discussing the launch of a new payments platform that would circumvent the US dollar, according to a new report.
According to Russian government-backed media publication Tass, Russia’s Federation Council Speaker Valentina Matviyenko told a press conference that a standalone payment system dubbed the “BRICS Bridge” is gaining support.
“The creation of the independent financial payment platform BRICS Bridge, a standalone mutual payment system on a firm joint platform, is now being discussed within BRICS. I have spoken both with the Central Bank and the Finance Ministry, things are moving along nicely.
It is being discussed with colleagues from central banks, finance ministries of all BRICS countries, including new members…
If it works it will be a bombshell globally, in the best sense. Perhaps it will be approved [in October], or at least the discussions will lead to a decision on when and in which format it should be finalized, meaning this is no longer just an idea, it is moving forward in practice.”
Matviyenko says Russia is in charge of the initiative, having recently built its own payment system to combat sanctions from the West.
BRICS, which stands for Brazil, Russia, India, China and South Africa, was originally established to compete as an alternative to US dollar hegemony.
For the last year, BRICS has reportedly been working on a new currency – potentially gold-backed – designed to end its dependency on the US dollar.
In 2023, the organization added Saudi Arabia, Iran, Ethiopia, Egypt and the United Arab Emirates.
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