BRICS Poised to Disrupt Global Finance with New US Dollar-Free Payments System

Central banks and finance ministries within the BRICS nations are exploring the development of a new payments system aimed at bypassing the US dollar, according to recent reports.

Russian news source Tass has revealed that Valentina Matviyenko, Speaker of Russia’s Federation Council, announced progress on a project called the “BRICS Bridge.”

This independent payment platform is currently under discussion among the BRICS countries, which include Brazil, Russia, India, China, and South Africa.

Matviyenko indicated that discussions are ongoing with central banks and finance ministries across the BRICS bloc, including the newer member nations. She suggested that the platform could be formally approved as early as October or that significant progress will be made on its development.

The initiative is spearheaded by Russia, which has recently established its own payment system to mitigate the effects of Western sanctions.

BRICS aims to provide an alternative to the dominance of the US dollar and is also working on a new currency, possibly backed by gold, to reduce its reliance on the dollar.

In 2023, BRICS expanded to include Saudi Arabia, Iran, Ethiopia, Egypt, and the United Arab Emirates.