BRICS Countries To Integrate National Payment Systems Amidst US Dollar Ditching Push

The US dollar is seeing some major efforts to be eliminated, as you probably know by now. BRICS countries will integrate the national payment systems amidst these terrible US dollar-related issues. Check out the latest reports below.

Two of the largest members of BRICS are reportedly exploring how they can link their payment systems.

According to the Economic Times, India’s External Affairs Minister S Jaishankar and Russia’s Deputy Prime Minister Denis Manturov study how the two countries can create new payment avenues that could circumvent the financial sanctions levied against Moscow.

According to the same report, Jaishankar and Manturov agreed to determine how they could integrate India’s Unified Payment Interface (UPI) and Russia’s Faster Payments Systems (FPS).

The online publication the Daily Hodl notes the fact that the UPI is a mobile payment method that allows users to make real-time transfers. On the other hand, the FPS is a service that enables users to transfer funds between banks using their mobile number.

A former White House economic advisor said that the coming of a BRICS-issued currency has the potential to stop the US dollar’s dominance in international trade.

In a brand new article on Foreign Policy, Joseph Sullivan says that a BRICS-issued money would enable its members – Brazil, Russia, China, India, and South Africa – to turn their backs on the dollar and trade goods and services using the new currency, which he calls “the bric.”

It’s important to note the fact that Sullivan served during the Trump administration, the bric could usurp the “dollar’s place on the throne” as BRICS is composed of economic heavyweights in their respective regions.

The economist goes on to say that this could be the beginning of the end of the dollar’s reign. Check out our previous article about the issue in order to learn more details about this.