BRICS to Discuss New Cross-Border Payment Systen During Upcoming Summit
In anticipation of the upcoming August summit and discussions about an alternative currency, the BRICS alliance is shifting its attention toward the creation of a new cross-border payment system.
The Russian Foreign Ministry has revealed that this idea will be a significant topic for discussion during the summit.
The focus will be on developing “long-term payment systems for cross-border commerce” within the alliance, as they have decided to put aside the development of an alternative currency for now.
Throughout the year, the BRICS bloc has experienced considerable growth and has expressed its ambition to rival the dominance of the US Dollar. They have actively embraced de-dollarization to reduce Western influence in the global south, with the aim of empowering the bloc and its member countries in managing the region’s economic development.
The upcoming summit is set to play a pivotal role in the development of its own cross-border payment system. The Russian Foreign Ministry emphasized the importance of this issue in the discussions among the bloc’s leaders.
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Given the current international situation, the bloc is prioritizing the establishment of a cross-border payment protocol rather than focusing on an immediate alternative trade currency. This move is expected to benefit local currencies within the bloc and facilitate cross-border transactions.
The country’s foreign ministry pointed out that current cross-border payments are less feasible due to convertibility issues and the US Dollar’s current state. As the bloc progressively moves away from the Dollar, cross-border payments in local currencies are expected to see significant advantages, making it a promising endeavor for the alliance.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
