BRICS Prepares Revolution: Digital Currencies to Replace Dollar in New Payment System

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BRICS – Digital currency versus dollar. The world's attention is riveted to these changes. Details in the publication.

One of the leaders of the Russian Senate recently discussed at the BRICS forum in St. Petersburg the possibility of digital currencies becoming an important part of the alliance system. In particular, the discussion was about central bank digital currencies (CBDC).

Earlier this month, Iran called to the creation of a payment system that will unite all the central banks of the BRICS member countries. Cryptocurrencies can be a fairly simple way to do this. According to the Chairperson of the Federation Council of the Russian Federation Valentina Matvienko, this could become a key part of the project being developed.

Digital currencies could play a role in the BRICS payment system. In March, it was announced that the BRICS bloc was working on creating its own payment system. The move sent shockwaves through the geopolitical sector, mainly because of its implications for global finance. Now, the focus is on the digitalization of this payment system.

Matviyenko said that the desire to create a payment system is connected with the bloc's hopes for de-dollarization. In particular, with its decision to abandon the “toxic currencies” with which the West is armed.

Matvienko noted that the payment platform focuses on decentralized trading. According to her, “no participant will be able to limit the actions of others” with the project. Moreover, it guarantees its freedom from actions similar to the US sanctions imposed in recent years.

“In this case, digital currencies of the central banks of the association’s countries could be used,” she said. “The rate of which would be linked to the value of national currencies.” This solution would be interesting for the group. It would provide a key way to use national currencies in unilateral transactions. In addition, it would further de-dollarize the digital asset class.

The payment system is one of several projects aimed at de-dollarizing the economy. The bloc is also rumored to be working on a currency exchange platform. They are also discussing the possibility of creating their own parliament. All of this is working to increase the influence of the global south.

Author's opinion: I would like to remind you of the well-known expression “don’t say hop until you jump over it”. Example: Putin first mentioned hypersonic weapons on March 1, 2018, and their demonstration and testing took place in December 2018.
What is this for? If information has come out now about work on a single BRICS currency, are there any guarantees that it will not appear in February-March 2025?

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