In what is a landmark development, the BRICS economic alliance has officially announced that it is launching an independent payment system. Indeed, Russian President Vladimir Putin confirmed the work being done on the project at the SPIEF 2024 Conference taking place in the country.
Putin disclosed that the alliance is “working on our own independent payment system, free from political pressure, abuse and external interference.” Conversely, the discussions of integrating a BRICS-centered payment system had been a focus of the bloc for much of the last year.
Also Read: BRICS: Gold Will Displace the U.S. Dollar, Says Top Analyst
BRICS Announces Launch of Its Own Payment System
Throughout 2023, the BRICS economic alliance has consistently challenged the geopolitical status quo. The collective has not been shy about its efforts to facilitate a multipolar world. Moreover, it has continually sought to lessen international reliance on the US dollar and Western-based economic structures.
Now, the bloc has taken a massive step toward that goal. Specifically, the BRICS alliance announced it was officially launching its independent payment system. Russia’s president took the stage on Friday to unveil the project and reiterate its importance to the bloc’s continued aspirations.
Also Read: BRICS: Russia Dumps $4.5 Billion in U.S. Bonds
“This year, BRICS was joined by new participants: Saudi Arabia, Iran, the United Arab Emirates (UAE), Egypt, and Ethiopia,” Putin also remarked. Moreover, he noted that the alliance “has tremendous potential for the joining of new participants” from different continents. Thereafter, he expressed support from Moscow to encourage those expansion efforts.
Since 2022, the economic alliance has continually sought ways to de-dollarize global finance. With its own independent payment system, the bloc takes a tremendous stride toward that reality. Additionally, the impending BRICS 2024 summit should provide insight into even more ways that those hopes can be met with action.
