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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The Venezuelan Vice Minister of Digital Economy, Banking, Insurance and Securities, Román Maniglia announced on Thursday, June 27, that the country assumed the vice presidency of the Organization of the Petroleum Exporting Countries (OPEC) Fund for International Development (OFID) for the period 2024-2025.

Venezuela shows its commitment to the development of emerging economies and will be at the head of said vice presidency to accompany, especially, “the countries of the global south, with a pluripolar and multicentric vision,” according to Maniglia in his account on social network X.

The official participated in the 45th OFID Ministerial Council, with a packed agenda that included “attendance at the III OFID Development Forum, the 188th Board of Governors and a bilateral meeting with Dr. Abdulhamid Alkhalifa, president of the OPEC Fund”, where Venezuela’s key role in this important financial multilateral was ratified.

It is timely to remember that the OPEC Fund for International Development “is the only development institution with a global mandate that exclusively provides financing from member countries to non-member countries.”

Cumpliendo las instrucciones del Pdte @nicolasmaduro participamos en el 45º Consejo Ministerial del Fondo OPEP para el Desarrollo Internacional (OFID), en el que Venezuela asume la Vicepresidencia para el período 2024-2025 de esta instancia. pic.twitter.com/IwveyKC99x

— Román Maniglia (@romanmanigliave) June 27, 2024

M.Pino

Source: elciudadano

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

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The countries that make up the BRICS have discussed in their most recent meeting the use of digital currencies, as another alternative to dependence on the dollar.

Brazil, Russia, India, China and South Africa are the emerging economies that give life to the BRICS group.

On the subject, in his last meeting the president of the Russian Chamber of Commerce and Industry and Russian co-president of the BRICS Business Council, Sergei Katirin, stated: “Transactions in digital units are discussed in the finance working tables. “Russia has the digital ruble and the Chinese have the digital yuan.”

As is known, this group focuses on eliminating the use of the US dollar in their transactions, as a way to free themselves from the “hegemony” of the currency in their economies.

In connection with the possible use of digital currencies by the BRICS, the progress made in launching digital currencies in Brazil and India stands out.

M.Pino

Source: eluniversal

(Reference image source: Dmytro Demidko at Unsplash)

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The president of the World Bank, David Malpass, warned of the negative implications for emerging and developing economies of setting an excessively high minimum corporate tax at the international level, such as the 21 % raised by the United States Secretary of the Treasury, Janet Yellen.

“It seems to me a high corporate rate, but this is not my decision,” Malpass said in statements to the BBC network, when asked about the possibility of setting a hypothetical minimum global corporate tax at 21 %.

In this sense, the president of the World Bank defended that the fundamental thing is to achieve growth for countries around the world and tax rates are an important issue for everyone, therefore, there must also be a legal environment “to attract new investments to the poorest countries.“

For its part, the International Monetary Fund (IMF) has been in favor of the possibility of establishing a minimum tax at the global level to tax the profits of corporations and even proposed introducing temporary tax increases to the highest incomes to help to pay the bill for the crisis.

The president of the United States, Joe Biden, also proposed raising the corporate tax for companies in the country to 28 % from the current 21 %, while in the United Kingdom it is contemplated to raise the tax from 19% to 25% in 2023.

K. Tovar

Source: dpa

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