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BRICS Nations Launch Payment System with 159 Countries, Challenging U.S. Dollar Dominance

Aug 17, 2024, 01:26 AM

The BRICS nations, comprising Brazil, Russia, India, China, and South Africa, are launching a new payment system aimed at reducing reliance on the U.S. dollar. This initiative has garnered interest from 159 countries, signaling a potential shift in the global financial landscape. The system will utilize blockchain technology for secure and efficient transactions and is seen as a challenge to the U.S.-dominated SWIFT payments network. Russian Central Bank Governor Elvira Nabiullina has confirmed the readiness of these countries to adopt the system, which may also explore an expansion to Russia’s System for Transmitting Financial Messages. Additionally, there is consideration for a gold-backed currency. The move comes amid concerns that the SWIFT network has been used as a political tool by the United States.

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Markets

Will 50 or more countries adopt the BRICS payment system by the end of 2024?

Brazil•Russia•India•China•South Africa•SWIFT•Russian Central Bank•Elvira Nabiullina•United States

Resolution / Starting Odds

Yes • 50%

No • 50%

Public announcements from respective governments or central banks, verified by credible financial news outlets such as Reuters or Bloomberg

Will BRICS nations implement a gold-backed currency by mid-2025?

Brazil•Russia•India•China•South Africa•SWIFT•Russian Central Bank•Elvira Nabiullina•United States

Resolution / Starting Odds

No • 50%

Yes • 50%

Official announcements from BRICS nations' central banks or finance ministries, verified by credible financial news outlets such as Reuters or Bloomberg

Will the BRICS payment system expand to include Russia’s System for Transmitting Financial Messages by Q1 2025?

Brazil•Russia•India•China•South Africa•SWIFT•Russian Central Bank•Elvira Nabiullina•United States

Resolution / Starting Odds

No • 50%

Yes • 50%

Official announcements from the Russian Central Bank or other BRICS nations' central banks, verified by credible financial news outlets such as Reuters or Bloomberg

What percentage of global trade transactions will be conducted via the BRICS payment system by the end of 2025?

Brazil•Russia•India•China•South Africa•SWIFT•Russian Central Bank•Elvira Nabiullina•United States

Resolution / Starting Odds

10% to 20% • 25%

More than 20% • 25%

Less than 5% • 25%

5% to 10% • 25%

Reports from international trade organizations such as the World Trade Organization (WTO) or International Monetary Fund (IMF), verified by credible financial news outlets such as Reuters or Bloomberg

Which BRICS nation will first report a significant reduction in reliance on the U.S. dollar for international trade by mid-2025?

Brazil•Russia•India•China•South Africa•SWIFT•Russian Central Bank•Elvira Nabiullina•United States

Resolution / Starting Odds

India • 25%

Brazil • 25%

China • 25%

Russia • 25%

Official economic reports from BRICS nations' governments or central banks, verified by credible financial news outlets such as Reuters or Bloomberg

Which will be the first non-BRICS country to officially adopt the BRICS payment system by the end of 2024?

Brazil•Russia•India•China•South Africa•SWIFT•Russian Central Bank•Elvira Nabiullina•United States

Resolution / Starting Odds

Other • 25%

Argentina • 25%

Nigeria • 25%

Turkey • 25%

Public announcements from respective governments or central banks, verified by credible financial news outlets such as Reuters or Bloomberg

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