De-dollarization on the BRICS agenda
At the most recent conference of the BRICS nations, the BRICSPay platform was presented, and it was mentioned that it has the potential to offer numerous advantages, including the reduction of the impact of Western sanctions, the facilitation of trade among member nations, and the de-dollarization of the economy.
Through the use of BRICSPay, dependence on conventional systems will be reduced, and transaction costs will be reduced.
The conformity of the platform with the legal and regulatory frameworks of the member nations is one of the major elements of the platform. Additionally, the introduction of the platform will enable transactions that are both swift and inexpensive, which has the potential to enhance trade and investment between member countries.
As the globe is swiftly transitioning from a unipolar to a multipolar system, the United States dollar will eventually lose its function as the global reserve currency. This is a phenomenon that is more prevalent than it has ever been. This process will not take place overnight; nevertheless, activities such as the BRICSPay platform or the BRICS shared currency will allow for a more rapid completion of the process.
Emerging economic powers are the driving force behind the BRICS group, which includes Brazil, Russia, India, China, and the Republic of South Africa. With the beginning of the year 2024, the countries of Argentina, Ethiopia, the United Arab Emirates, Iran, Saudi Arabia, and Egypt became members of the group.
