BRICS announces a major upgrade of its new payment system

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The BRICS group (Brazil, Russia, India, China and South Africa) recently announced a major upgrade to its new payment system, aimed at reducing dependence on US-dominated international payment systems.

A new approach to international payments

The BRICS payment method is designed to be independent of US-dominated international payment systems such as SWIFT and CIPS. It uses blockchain and digital currency technologies to enable secure and efficient transactions between member countries. In addition, the system aims to strengthen the financial autonomy of the BRICS countries and facilitate intra-bloc trade. This development could also reduce member countries’ dependence on fluctuations in the world’s dominant currencies.

The advantages of the BRICS payment system

The BRICS payment system offers a number of advantages, including reduced transaction costs, increased transaction speed and enhanced transaction security. It also enables member countries to maintain their financial sovereignty and reduce their dependence on US-dominated international payment systems. In addition, it fosters greater economic integration between member countries, facilitating trade and investment.

Implications for the future

Updating the BRICS payment system has important implications for the future of international payments. It will enable member countries to reduce their dependence on US-dominated international payment systems and maintain their financial sovereignty. It could also lead to an increase in the use of blockchain technologies and digital currency in international transactions.

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Onja Mbola

Avec une licence en informatique, Onja Mbola Andrianirimanjaka se distingue par sa polyvalence et son expertise dans divers domaines. Il excelle en développement web et se révèle être un rédacteur talentueux, notamment sur des sujets liés à la finance, aux cryptomonnaies et aux NFT. Sa passion pour les nouvelles technologies stimule sa curiosité et lui permet de rester à la pointe des évolutions de son secteur.

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