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

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.