BRICS Pay: A New Crypto Currency on the Horizon in 2024?

• The BRICS Bloc's Attempt to Supplant the SWIFT Payment System
• De-Dollarization as a Focal Point
• Trade Within BRICS Set to Hit Landmark Figures
• BRICS Pay: A Catalyst for Alternative Currency
• The Ascendance of China's Yuan
• The Economic Aspirations of BRICS
• The Possibility of a BRICS Currency
• The Role of the New Development Bank

The BRICS Bloc's Attempt to Supplant the SWIFT Payment System

The coalition of BRICS countries has been striving to reduce the influence of the Western-controlled SWIFT payment system. This aspiration has sparked the creation of an alternative system by the alliance. The new payment platform possesses the potential to take on a more significant role, possibly laying the foundation for a unified BRICS currency by 2024.

De-Dollarization as a Focal Point

The BRICS bloc's plan to lessen its dependence on the US Dollar has been a key part of its strategic deliberations. The union has been diligent in establishing key mechanisms to phase out the dollar dependency. Their progress with the alternative payment system may prove to be the most substantial move towards achieving this goal.

Trade Within BRICS Set to Hit Landmark Figures

Reports suggest that trade among BRICS nations is expected to reach a whopping $500 billion.

BRICS Pay: A Catalyst for Alternative Currency

The BRICS alliance's growth in the recent past has signaled a significant geopolitical shift. The alliance has brought together some of the world's major economies to counter Western supremacy. The economic cooperation among these countries has reached new highs. However, the overarching aim is to challenge the global supremacy of the US dollar. Despite the enormity of this task - with global payments in the dollar currently accounting for 48% - the advent of BRICS Pay could be a significant step towards this goal.

The Ascendance of China's Yuan

It's noteworthy that China's Yuan is now recorded as the 4th most used global currency among the BRICS nations.

The Economic Aspirations of BRICS

Fortune Magazine recently analysed the rise of BRICS' ideologies and their global economic aspirations. The piece discussed the potential of BRICS Pay in helping developing economies reduce their reliance on the US dollar. The BRICS Pay system could serve as a viable alternative to the Western-based SWIFT payment system.

The Possibility of a BRICS Currency

While Fortune predicted the introduction of a unified BRICS currency to be unlikely, they suggested an alternative trajectory. The aim might be to first establish an efficient cross-border transaction system and then introduce a new currency. This step-by-step approach could unite the bloc around the idea of a BRICS currency without them having to relinquish their local currencies.

The Role of the New Development Bank

Such a strategy could involve using the New Development Bank to introduce a replacement for the US dollar. The development of this currency project has reportedly been underway throughout the year and could become a reality by 2024.

Edited by Jonathan Stoker