BRICS: Russia and India agree on BRICS PAY to bypass the US Dollar

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BRICS: Russia and India agree on BRICS PAY, to bypass the US Dollar: "The system will allow payments between companies (B2B) and citizens (C2B) directly in national currencies (rubles, rupees, yuan, etc.), bypassing the US dollar as an intermediary." "The agreement signed during the BRICS summit in India on a new payment system of the BRICS countries – BRICS Pay – transfers the project, which has been talked about for almost ten years, to the stage of practical deployment. With the help of BRICS Pay, businesses will be able to make payments between countries directly in national currencies, citizens will be able to pay for purchases with their cards in any BRICS country, and the system will protect states from external sanctions influence. On Friday, the Russian Direct Investment Fund (RDIF), BRICS Pay and the Indian BRICS Pay India agreed to cooperate on the development of the BRICS Pay system in India and the creation of cross-border payment services within the framework of the BRICS association. This was announced by the RDIF during the visit of Russian President Vladimir Putin to India, Interfax writes. As part of the agreement, the parties intend to explore the possibility of integrating BRICS Pay with the payment infrastructure of India, prepare potential pilot projects, and then launch a cross-border payment service. The initiative is designed to contribute to the creation of an open, sustainable and technologically independent infrastructure for settlements between the BRICS countries, including using national currencies. The Russian company BRICS Pay is a technological partner of the project. According to the head of the RDIF, Kirill Dmitriev, during the XVIII BRICS summit in India, the Russian delegation focused on the financial track: "We lead a group for interaction on financial issues, and payment issues are very important here." BRICS Pay India will become a business and coordination partner in India. It will interact with banks, payment organizations, merchants and other participants in the Indian market. The first prototypes and pilot transactions of the payment system were tested in previous years. However, now the project is officially moving into the stage of practical deployment and scaling. BRICS Pay is a decentralized payment and settlement infrastructure that should link the existing national payment systems of the participating countries, such as the Russian SPFS (Financial Messaging System), the Chinese CIPS, the Brazilian Pix and the Indian instant payment interface UPI. The system will allow payments between companies (B2B) and citizens (C2B) directly in national currencies (rubles, rupees, yuan, etc.), bypassing the US dollar as an intermediary. The topic of de-dollarization of the BRICS was one of the central in the speeches of US President Donald Trump, who takes a tough stance and calls the bloc "anti-American." He has publicly threatened to impose 100% tariffs on any BRICS country that tries to create an alternative currency or actively promote the replacement of the dollar in settlements. Russian Finance Minister Anton Siluanov called the creation of an independent BRICS payment system "a vital necessity." He has repeatedly said that Russia is not trying to destroy the old financial order, but is creating a forced insurance. "If the current and familiar system fails and does not work, then we need to create an alternative. An alternative is always better if there is one," Siluanov said in an interview with journalist Pavel Zarubin. According to the head of the Ministry of Finance, traditional tools (such as SWIFT) have been completely "politicized" by the West. In this regard, the BRICS need autonomous cross-border settlement mechanisms to protect commercial flows from external pressure and the risks of blockages." -Vzglyad

 

 

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