The BRICS group is ready to launch its own payment system, which will be called Brics Pay and which, according to recent data, would be adopted by 160 countries.

The group, made up of Brazil, Russia, India, China and South Africa, has a waiting list for countries that want to join the bloc, as an alternative to the global payment system that currently governs and that gives preponderance to the US dollar in transactions.

According to the media specialized in technology and business Wealth, “the implementation of this new remuneration method would reduce dependence on the US dollar and other traditional financial alternatives such as the Swift system (Society for Worldwide Interbank Financial Telecommunications).”

The adoption of alternatives to the dollar would revolutionize the global economic system, indicate financial experts, who add that “through fluid cross-border cancellation, trade and financial integration between countries of said block and other nations would be promoted.”

So far, it is known that at least 160 countries would adopt the Brics Pay payment system, thereby paving the way to detach themselves from the North American currency.

M.Pino

Source: venezuela.news

(Reference image source: Unsplash+, in collaboration with Getty Images)

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La entrada BRICS payment system will be adopted by 160 countries apareció primero en Bitfinance.