De-dollarization: BRICS Unveils Demo Card for New Payment System Ahead of 2024 Summit

BRICS nations have unveiled a demo version of their new BRICS Pay payment system at the BRICS Business Forum in Moscow.

Participants received cards loaded with 500 rubles, which can be used at selected points in the World Trade Centre for purchases like coffee and souvenirs. This marks the first official preview of the much-anticipated payment system.

The demonstration comes just days before the BRICS 2024 Summit, scheduled for October 22-24 in Kazan, Russia. During the summit, more details are expected to be revealed about the BRICS Pay system.

As of 2024, BRICS consists of Brazil, Russia, India, China, South Africa, Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. These nations has collectively been working towards increased financial autonomy. Some speculate the new payment system could evolve into a blockchain-based network, and the bloc could introduce a new gold-backed currency.

The unveiling aligns with the BRICS nations’ long-term goal of de-dollarization, especially after reports that non-dollar currencies accounted for about one-fifth of oil trades in 2023. The upcoming summit is expected to shed more light on these developments and their impact on global financial dynamics.

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