The BRICS alliance is working towards the creation of an alternative payment system for the US and the Western-dominated SWIFT. The system is currently under work and more details about its development could be revealed in the next summit in October. The US dollar will not be integrated into the SWIFT alternative payment system of BRICS.
Also Read: BRICS: 2 New Countries Express Interest To Join the Alliance
The main motto of BRICS is to dethrone the US dollar and make local currencies the de facto global currency. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.
BRICS: SWIFT Alternative Could Uproot US Dollar’s Hegemony
Source: Cryptopolitian.com
Russia’s Central Bank Governor Elvira Nabiullina confirmed that the BRICS alternative to SWIFT is currently under work. Additionally, she revealed that the sanctions pressed by the…
