Awake-in-3D: What is the New BRICS Pay Initiative?, 11 JAN

by **Admin** Thu Jan 11, 2024 9:17 am

Awake-in-3D: What is the New BRICS Pay Initiative?, 11 JAN

Awake-in-3D: What is the New BRICS Pay Initiative?
What is the New BRICS PAY Initiative?

On January 9, 2024
By Awake-In-3D

“BRICS Pay” is an ambitious initiative by the BRICS nations (Brazil, Russia, India, China, and South Africa) aimed at establishing a cross-border payment system to enhance financial cooperation within the bloc.
Focused on facilitating transactions in local currencies and reducing reliance on dominant global currencies like the U.S. dollar, BRICS Pay intends to integrate modern financial technologies, including blockchain and digital currencies, to streamline and secure transactions.
BRICS Pay represents a significant step by the BRICS nations towards creating an independent financial ecosystem that supports their currency, economic and geopolitical interests.
While offering potential benefits like reduced transaction costs and mitigated exchange rate risks, its implementation faces significant challenges, including infrastructure development and regulatory harmonization.
This initiative reflects the BRICS countries’ broader efforts to gain greater economic independence and reshape the global financial landscape in favor of emerging economies.
The BRICS Pay Initiative

1. Multilateral Payment System: BRICS Pay is intended to be a cross-border payment system. Its primary aim is to facilitate smoother and more efficient financial transactions among the BRICS nations. By enabling transactions in local currencies, it seeks to bypass the need for conversions into dominant currencies like the U.S. dollar or the Euro, which can add costs and complexities.

2. Integration of Technologies: The system is designed to leverage modern financial technologies, including digital and blockchain technologies. This approach is expected to make transactions more secure, faster, and less expensive compared to traditional banking systems.

3. Support for Local Currencies: A significant goal of BRICS Pay is to strengthen the use of the member countries’ local currencies in international trade. This would help in reducing the transaction costs associated with currency conversions and mitigate the risks linked to exchange rate...for read more: https://dinarevaluation.blogspot.com/2024/01/awake-in-3d-what-is-new-brics-pay.html