BRICS presents a demo version of the decentralized payment system BRICS Pay for independent settlements, preparing for the summit in Kazan on October 22-24, 2024 💳

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BRICS has presented the demo version of its payment system BRICS Pay ahead of the summit in Kazan from October 22 to 24, 2024.

Russia, this year's BRICS chairman, is seeking to reduce dependence on Western financial systems. Russian Finance Minister Anton Siluanov has proposed creating an alternative to the IMF to protect against U.S. influence.

BRICS Pay is seen as a key system for independent countries, allowing them to move away from the U.S. dollar. The system is decentralized and independent, demonstrating a shift away from the SWIFT system. Development has been underway since 2019 and is now gaining momentum.

BRICS Pay will be used for retail payments and transfers, offering countries a new way of settlements.

This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.

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