After recent rumblings surfaced of how many nations would embrace the impending BRICS Pay system, the bloc has confirmed 159 participants are set to adopt the new payment system.
Indeed, the economic alliance system is poised to hit the ground running when it finally launches.
Now, all eyes are on when that launch will take place. Many have surmised that it would be announced at the highly anticipated 2024 Summit. Moreover, it would be set to go live in what would be a groundbreaking unveiling. If that were to happen, the bloc has already noted there is a long line of entities ready to embrace it.
Earlier this year, the BRICS bloc announced the creation of a blockchain-based payment platform. It would redefine the collective’s global economic standing. Moreover, it would compete with some of the largest payment systems worldwide. That includes the Western-dominated SWIFT system.
Now, the BRICS group confirmed that 159 participants will adopt the new payment system. Indeed, Russian officials verified the number in a recent correction, according to a Yahoo report. Although previous statements rumored 160 countries would be involved, the number was clarified in subsequent reports.
The payment system is crucial to the bloc’s ongoing de-dollarization efforts. It will provide participating countries with an avenue to trade in local currencies. Therefore, it will greatly enhance how these nations settle trade; ultimately, decreasing international necessity for the U.S. greenback.
WHY THE EXODUS FROM THE DOLLAR?
Russian President Vladimir Putin yesterday, said this on the de-dollarization of the world economy: "
The financial and political authorities of the United States are pushing this process forward with their not just careless, but unprofessional and stupid actions.
I think that they already understand that they made a mistake, but they simply cannot get out of this rut, it is probably no longer very convenient for them to admit that they made a mistake, but it would be necessary to correct something, they see that the tools they are using do not work.
We are switching to national currencies and that’s it. They (American officials) can no longer do this, apparently, only those people who will replace today’s generation of politicians can do this. To change something means to admit your mistakes. Apparently, this is difficult."
