While the masses’ attention has been diverted to the latest conflict in the Middle East, the BRICS bloc has once again been making great strides in order to yet again create financial systems that do not involve the U.S. dollar.
In comes BRICS Pay, a “Decentralised multi-currency digital international payments system,” acting as the next iteration to make trade in local currencies.
According to the website,
BRICS PAY aims to enable digital payments between the different countries in BRICS PLUS format, allowing businesses and consumers to securely and seamlessly make and receive payments in their local currency. The platform is designed to reduce the cost and complexity of international payments, while also providing a secure and reliable way to pay for goods and services.
BRICS PAY set benefits from a combination of traditional payment systems and new technologies such as central bank digital currencies (CBDC), decentralized finance, and tokenized assets (secured money). BRICS PAY is an expansion of payment options for companies and citizens of participating countries, as well as for the entire world and all existing or emerging payment solutions.
BRICS Pay also promises “through the use of open APIs, the BRICS PAY system will ensure that customers have access to their accounts, no matter what payment system they use – funds can move between systems faster and more securely.”
A demo transaction using the blockchain system can be seen in a short video, showcasing a customer making a purchase by scanning a QR code on his phone, and linked to all his bank accounts.
The system was first launched in 2018 but has not received a lot of notoriety, but due to recent divisions between BRICSs nations and Eastern allies versus the United States and the West, BRICS Pay is being reemphasized as a way to circumvent the dollar.
In 2019 The Silk Road Briefing expressly reported that BRICS Pay was being created to “To Avoid US Dollar Trade.” The outlet wrote at the time:
China and Russia in particular have been highly critical of the United States defacto use of global payments systems, which have been used as trade and sanctions weapons to either inhibit or punish nations whose polices do not fit with those of Washington. Both have been actively seeking for some time now to de-dollarize their trade, and the BRICS Pay system is a major step in that direction.
Part of the move away from American denominated cards was instigated by US sanctions, two years ago many ordinary Russian citizens in Russia found themselves unable to access cash via their Visa and Mastercards; the United States had switched them off the global payments network. Similar situations have also occurred in Turkey and more recently in Iran. These, and other countries that have been subject to what many refer to as “US bullying” will be looking at the BRICS Pay scheme with interest.
More recently on September 28th Russian state media TASS reported that they looking into alternatives to the SWIFT international payment system, and will be an important topic for BRICS heading into year.
Russian Finance Minister Anton Siluanov said during a forum:
We are trying to introduce our financial messaging system, the SPFS, our Chinese colleagues have their own system, other BRICS countries also either have their systems or are creating them.
This is why this issue is to be discussed by money authorities and financial agencies of BRICS member states, and next year it will be one of the issues on the agenda of this organization’s meeting.
He explained
Tass added that ‘Siluanov stressed that Moscow is removing all ties from the West to the Southeast, and that “the trend will persist in the future.”‘
However, South Africa’s finance minister Enoch Godongwana, said at the BRICS summit this past August that the BRICS payment system is not designed to topple SWIFT.
It’s not an alternative to SWIFT. It is a payment system which facilitates a deepening of the use of local currencies.
You must have one central bank. You must lose your monetary policy independence. It’s a major challenge, which would imply, in our case, major constitutional implications.
Godongwana told Reuters
Earlier this month, Iran, one of the newest members to the bloc, has indicated their interest in switching to BRICS Pay instead of SWIFT.
During an open session of the Iranian parliament, Mohammad Baqer Qalibaf said that Iran will access BRICS PAY starting January 1st, 2024, after the problems they have faced using SWIFT. “That gives us a major chance to work with big countries.”
He also noted Iran’s access to BRICS Pay would eliminate the need for access to SWIFT.
AUTHOR COMMENTARY
It is imperative to once again note that America’s hegemony is coming to an end, and the fallout from it will be catastrophic. But that will not happen overnight but will steadily progress faster and faster, especially as war breaks loose more and more.
To the same end BRICS is also working towards ushering the key underpinnings to the mark of the beast system, by facilitating a robust contactless and CBDC payment system, a precursor to the “final solution.”
[16] And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: [17] And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name. [18] Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six. Revelation 13:16-18
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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