BRICS PAY: A New Era in International Transactions

BRICS PAY is revolutionizing the way international transactions are made. It's a system that enables countries to settle their international trade transactions in their local currencies, reducing the need for US dollars and other foreign currencies.

This system is designed to promote economic cooperation and mutual benefit among the BRICS countries, which include Brazil, Russia, India, China, and South Africa. The BRICS nations are among the world's largest economies, and their combined market is home to over 40% of the world's population.

The use of local currencies in international transactions will help reduce the costs associated with converting currencies, making trade more efficient and cost-effective.

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So, what is BRICS PAY? It's a payment system that's part of the BRICS framework, a group of emerging economies that includes Brazil, Russia, India, China, and South Africa.

The BRICS PAY system is designed to reduce dependence on the US dollar and other Western currencies, allowing member countries to settle transactions in their local currencies.

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It's expected to increase trade efficiency and reduce transaction costs, making it easier for businesses to operate across borders.

The system will also enable cross-border payments in local currencies, eliminating the need for currency conversion and associated fees.

BRICS PAY aims to promote financial inclusion and economic growth among its member countries.

BRICS PAY offers a secure and efficient way to make international payments.

The system is designed to reduce transaction costs and increase the speed of cross-border payments, which is a major advantage for businesses and individuals who need to send money abroad.

By leveraging the existing infrastructure of the member countries, BRICS PAY can process transactions much faster than traditional methods, often in a matter of seconds.

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The BRICS nations are developing BRICS Pay for a number of reasons. They want to reduce their reliance on the US dollar, which is the dominant currency in the SWIFT system.

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This would make them less vulnerable to US economic sanctions and other forms of financial pressure.

The BRICS nations also want to create a more efficient and cost-effective payment system. The SWIFT system is expensive and can be slow, especially for cross-border transactions.

BRICS Pay is designed to be cheaper and faster than the SWIFT system.

They also want to promote trade and investment between themselves and other emerging economies. BRICS Pay will make it easier for businesses in the BRICS countries to trade with each other and with other countries that are not part of the SWIFT system.

It's worth noting that BRICS Pay will be open to all countries, but it is expected to be particularly beneficial for emerging economies.

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So you're wondering why BRICS Pay is a big deal? It's because it offers sovereignty over payment transactions, which means countries won't have to rely on Western payment systems like SWIFT.

Imagine running a shop and your only cash register belongs to your neighbor – the one who doesn't like you very much. This is precisely the dependency that many BRICS countries feel in relation to Western payment systems. Sanctions against Russia and geopolitical tensions with China have further exacerbated this.

By having their own payment system, BRICS countries can trade with each other without having to go through Western infrastructures. This is a game-changer, especially for countries like Iran, which has been subject to a trade embargo since the 1970s.

The US dollar dominates international trade, but BRICS Pay could reduce its dominance in the BRICS countries themselves. This means less pressure from exchange rates, increased sovereignty in financial matters, and a destabilization of the USD, which is also strongly linked to the oil trade.

BRICS Pay could also serve as a springboard for the CBDCs (Central Bank Digital Currencies) of the BRICS countries. China is already ahead with the digital yuan, and it's likely that other BRICS countries will follow.

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BRICS Pay is a proposed international payment system that's being developed by the BRICS nations. It's intended to be an alternative to the SWIFT system, which is currently the dominant international payment system.

BRICS Pay will be a distributed payment messaging mechanism system (DPMS), which means transactions will be processed and verified by a network of nodes that are distributed around the world. This will make it more secure and efficient than the SWIFT system.

The system will not rely on a central clearing house like the SWIFT system. Instead, transactions will be processed and verified by a network of nodes that are distributed around the world.

BRICS Pay is expected to be operational by 2025, and it's already made significant progress in recent years. In 2022, the BRICS nations signed an agreement to develop a common payment platform.

A number of institutions and businesses in the BRICS countries have already adopted BRICS Pay. For example, Petrobras, Brazil's state-owned oil company, has begun to use BRICS Pay for cross-border transactions.

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Here are the two main approaches that BRICS Pay offers:

QR code payments are simple, inexpensive, and don't require expensive hardware. They're a flexible solution for spreading cashless payments, especially in emerging markets.

BRICS Pay aims to simplify B2B payments via blockchain technology and make them more secure by enabling fast, direct transactions between companies – without the dependence on Western systems such as SWIFT.

BRICS Pay is a proposed international payment system being developed by the BRICS nations. It's intended to be an alternative to the SWIFT system.

The system is still in its early stages of development, but it's expected to be operational by 2025. This is a significant milestone, as it will provide a new option for international transactions.

BRICS Pay will be based on a distributed ledger technology (DLT) platform, which will make it more secure and efficient than the traditional SWIFT system. This technology has the potential to revolutionize the way we think about international payments.

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