In a pivotal moment for the BRICS economic alliance, the “BRICS Pay” system was officially unveiled during the BRICS Business Forum held in Moscow a few days ago, as part of the ongoing BRICS summit for 2024. In a symbolic gesture of the group’s commitment to launching the system, BRICS payment cards were distributed to participants at the forum. This mechanism is poised to disrupt the Western “SWIFT” system’s monopoly on global financial transactions. The BRICS nations are earnestly working towards reshaping the global economic system by developing their financial frameworks. Additionally, initiating this mechanism could provoke pressures from Western sanctions, as the system may pose a threat to the current international financial system dominated by the West.

Source: Daily News Egypt October 22, 2024 16:35 UTC