Pars Today

Pars Today - BRICS members unveiled an independent payment system called BRICS Pay to implement their de-dollarization policy.

The global financial system is on the verge of a major transformation with BRICS' plans to create an independent payment system to facilitate international transactions between its members.

According to Pars Today citing Mehr News Agency, BRICS members unveiled the "BRICS Pay" platform at their recent meeting and announced that it can have many benefits, such as de-dollarization, facilitating member trade, and reducing Western sanctions' impact.

According to reports, "BRICS Pay" is supported by advanced technologies such as blockchain and can become a powerful alternative to the SWIFT system.

In this regard, Valentina Matviyenko, the Speaker of the Russian Federation Council, emphasized that "BRICS Pay" is on the right track, saying: "This is no longer just an idea, but a step forward."

Matviyenko added: "This system is a response to the aspirations of developing countries that want to free themselves from the dollar's hegemony."

More than 50 countries, most of them from Asia, Africa, South America, and Eastern Europe, have already expressed interest in joining this initiative.

Russian President Vladimir Putin announced that BRICS member countries are currently working on organizing financial information exchange between their central banks.

In a meeting with the leaders of the top media outlets of BRICS countries, he stated: "This is a financial information exchange between central banks; a replacement for SWIFT that supports international settlements."

Earlier, Mohammad Reza Farzin, the Governor of the Central Bank of Iran, reported on the extensive agreements between Iran and Russia in the financial and monetary fields and emphasized the efforts of BRICS member countries to use local currencies and reduce dependence on the dollar.

Farzin pointed out that the current structure of the global financial system is based on the International Monetary Fund and the World Bank, saying: "Due to political challenges with Western countries, the world is seeking new arrangements, and BRICS is a platform for achieving these goals."

MG

Key phrases: BRICS, de-dollarization, Iran and Russia, dollar weapon, BRICS Pay