With a new BRICS Payment System rolling out just two weeks before, a staggering 159 countries have shown interest and willingness to adopt it posing a challenge to America’s much popular SWIFT banking system. Several nations believe that America is weaponizing the SWIFT system against countries that don’t have good terms with the USA, and thus looking for de-dollarization. The bloc nations are also mulling the use of blockchain and crypto for cross-border settlements with Russia initiating the first steps.
BRICS Payment System and De-Dollarization
Last month in July, the BRICS nations announced their own payment system as an alternative to America’s SWIFT with the aim of reshaping global trade. The alliance noted that this new payment system will facilitate cross-border transactions and settlements without relying on the U.S. Dollar. This move seeks to potentially alter the balance of economic power in global markets.
As per the latest reports, several other nations have extended
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