BRICS Member, Russia Takes First Step of De-Dollarization, Creates New Digital Platform

The Association of Brazil, Russia, India, China, and South Africa, BRICS has announced its plan to create a new digital payment platform after unveiling its plan for de-dollarization, a move to ditch the U.S. dollar.

Towards the upcoming BRICS summit in October 2024, Russia’s Finance Ministry along with the Central Bank of Russia will propose several new financial initiatives to the geopolitical bloc, especially on creating a new digital BRICS Bridge payment platform which with all intent and purposes, aims at de-dollarization.

This development is currently in draft preparation, yet focuses on improvising and changing the International monetary and global financial system against dollars’ global domination.

According to WatcherGuru, the proposal will not only create a new BRICS digital platform but will also contain a set of financial initiatives and recommendations. The multisided digital payment platform aims to grow as an alternative settlement without the need for the US dollar.

Essentially, Russia will take the first step of de-dollarization by convincing the bloc to accept a new BRICS Bridge payment platform.

About The Author

Mayowa Durosinmi

author

M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

See author's posts