End of a hegemony? It has been years since the alliance of BRICS seeks unified payment systemor perhaps even a common cryptocurrency. This long quest could find its outcome in the coming days with the BRICS Summit 2024 which is coming, because an experimentation of the payment solution “ BRICS Pay » is already in demonstration au BRICS Business Forum which takes place on October 17 and 18.
BRICS Pay aims to bring down US dollar dominance
The 16the opus of BRICS Summit will be held in Kazan, in the heart of Russia, from October 22 to 24, 2024. The event will bring together around thirty nations, including of course the founding members who are the Brazilthe Russial’Indethe Chine and theSouth Africaas well as the new members of BRICS+, namely theSaudi Arabia l’Egyptl’EthiopiaTHE United Arab Emirates and theIran.
But even before this big meeting, these countries are already meeting at BRICS Business Forum who stands at theInternational Trade Center from Moscow, on October 17 and 18, 2024. And a real bomb was dropped there. In fact, the application “ BRICS Pay » is there for the very first time in functional demonstration !
“BRICS officially unveils a new demonstration of its payment system: BRICS Pay. »
500 rubles to try the application inspired by crypto blockchain technology
On the official website of the BRICS Pay project, we learn as well as single-use QR code cards are distributed free of charge during the Moscow Business Forum. They each allow crediting 500 roubles (around $5.2) on the app. These latter are then usable in several stores distributed throughout this international show (see map below).
We can also read on the official website that BRICS Pay will seek to be a “cross-blockchain” system in addition to allowing cross-border payments :
“BRICS Pay and existing domestic and international payment systems are an integral part of a unique ecosystem designed to enhance cross-border payment capabilities between BRICS nations, enabling seamless settlements between BRICS+ countries. (…) BRICS Pay will offer a digital wallet which integrates various blockchain networks and bank accounts of BRICS countries, facilitating fund management and allowing users to make payments in national currencies within the framework of BRICS+. »
Taken from the official BRICS Pay website
Before his recent declarations of love for Bitcoin (BTC) and cryptocurrencies, the former President of the United States Donald Trump already saw the end of the dominance of the dollar. With the BRICS Pay ecosystem which now seems to be in full swing operational testing phase in real situations, the end of this American monetary hegemony seems closer than ever. THE BRICS Summit 2024 which will therefore be held next week should teach us more about this geopolitical and monetary revolution.
