Russia announced the emergence of a digital platform for payments between the BRICS countries
The BRICS countries and their partners are preparing to enter a new era of financial technology with the launch of a cross-border payment mechanism based on the BRICS Bridge settlement platform. The initiative, proposed by Russia and reported to Rossiyskaya Gazeta through the press service of the Ministry of Finance, promises a revolution in world finance. Experts argue that the BRICS Bridge platform could become a competitor to SWIFT and accelerate the transition to the use of digital currencies.
The BRICS Bridge project is currently under active development. The Ministry of Finance is working on the concept, identifying possible payment mechanisms and compiling lists of potential participants. The goal of the alliance is to create an innovative payment system based on digital currencies and blockchain technology. Such a system will allow the payment systems of participating countries to be united through payment gateways for settlements in digital currencies of central banks.
BRICS Bridge offers an alternative to settlements via SWIFT, where most transactions are carried out in US dollars. Russia has already increased the share of the use of its national currency in settlements with friendly countries to 75%, which indicates a desire to reduce dependence on the dollar. Therefore, the idea of creating a common currency or using digital currencies of the BRICS countries for international payments is becoming increasingly relevant.
Experts say that a digital ruble may appear by 2025, and the central banks of India and China are actively working on creating your own digital currencies. This opens up new prospects for the development of international financial relations and strengthening economic integration among the BRICS countries and their partners. The BRICS Bridge will be an important tool for ensuring financial sustainability and cooperation in the new digital era.