Popular Articles
Today Week Month Year


BYE-BYE PETRODOLLAR: 159 Countries now slated to adopt new BRICS payment system
By Ethan Huff // Aug 20, 2024

As soon as October, Russia's long-awaited international BRICS payment system will be ready to go with some 159 countries said to be in the process of ditching the U.S. dollar as their official settlement currency.

For several years, Russia and other BRICS member nations have been working on an alternative to the Western-controlled SWIFT international settlement system. Russia was banned from SWIFT following its invasion of Ukraine, but now there is a new system emerging from BRICS that threatens to make SWIFT obsolete.

If the new payment system is a success, it will render Federal Reserve Notes (FRNs) obsolete as well. The world will no longer be held hostage by the so-called petrodollar, which reports warn could have massive global market ramifications.

The West's continued sanctions on Russia have only hastened the speed at which Russia is developing this new BRICS payment system. Its design will promote local currencies and alternative settlement methods that sidestep the U.S. dollar entirely.

Elvira Nabiullina, the governor of Russia's central bank, says 159 countries are ready to adopt the new BRICS payment system once it goes live. It will serve as an expansion to Russia's System for Transmitting Financial Messages (SPFS) platform as well as "an alternative to SWIFT."

"Similar infrastructure exists in some other countries," Nabiullina commented. "We are holding discussions on the interaction of such platforms, but here the interest and technical readiness of our partners are important."

(Related: It was late last year when Russia officially called on all BRICS nations, including those new to the alliance, to de-dollarize.)

New payment system the priority theme of upcoming BRICS 2024 Summit

Viktoria Panova, the head of Russia's BRICS Presidency Council, also commented that the priority issue at the upcoming BRICS 2024 Summit in October is the new BRICS payment system.

"Active efforts are underway to create a financial payment mechanism that would make cooperation between BRICS countries easier, maintaining their sovereign trade and economic exchanges," she said.

"This issue tops the agenda because every member of the group sees it as important."

Once the system goes live, it will provide immediate accessibility to all member nations. Once established, the system is also expected to result in expanding trade dealings for the alliance.

Depending on how well it works, there is also a solid chance that more countries will want to ditch the U.S. dollar and join themselves. Time will tell how quickly the world transitions away from U.S. dollar dominance into a new era of dollar-less global trade.

Last year's BRICS Summit marked the first time in more than 20 years that the alliance grew. It started with Brazil, Russia, India, China and South Africa and has since added on the United Arab Emirates (UAE), Egypt, Iran and Ethiopia.

In just the past two years, BRICS has grown by leaps and bounds to become a real contender in the fight against Western hegemony. Instead of Western power dominating the planet, BRICS aims to create a global governance system of multipolarity, this being Russia's envisioned new world order.

BRICS has increasingly made cryptocurrency its focus. Russia, the head of BRICS, recently passed legislation to legalize the use of cryptocurrency for trade settlements, which is enticing for the countries of the world to want to join.

Serbia is among the countries wanting to join BRICS next, along with Nigeria, Malaysia and Thailand. The 2024 BRICS Summit is expected to be "a massive one for the bloc's continued growth," to quote one media source.

It is only a matter of time before King Dollar gets reduced to rubble. Find out more at DollarDemise.com.

Sources for this article include:

Watcher.guru (1)

NaturalNews.com

Watcher.guru (2)



Take Action:
Support NewsTarget by linking to this article from your website.
Permalink to this article:
Copy
Embed article link:
Copy
Reprinting this article:
Non-commercial use is permitted with credit to NewsTarget.com (including a clickable link).
Please contact us for more information.
Free Email Alerts
Get independent news alerts on natural cures, food lab tests, cannabis medicine, science, robotics, drones, privacy and more.

NewsTarget.com © 2022 All Rights Reserved. All content posted on this site is commentary or opinion and is protected under Free Speech. NewsTarget.com is not responsible for content written by contributing authors. The information on this site is provided for educational and entertainment purposes only. It is not intended as a substitute for professional advice of any kind. NewsTarget.com assumes no responsibility for the use or misuse of this material. Your use of this website indicates your agreement to these terms and those published on this site. All trademarks, registered trademarks and servicemarks mentioned on this site are the property of their respective owners.

This site uses cookies
News Target uses cookies to improve your experience on our site. By using this site, you agree to our privacy policy.
Learn More
Close
Get 100% real, uncensored news delivered straight to your inbox
You can unsubscribe at any time. Your email privacy is completely protected.