As the 2023 BRICS Summit concludes, is there a new currency on the horizon?
Envision what a world without the dominance of the U.S. dollar might look like. Imagine a new currency taking center stage, a currency formed by the combined efforts of Brazil, Russia, India, China, and South Africa, the BRICS nations. While it may not be happening as fast as we would like, it certainly appears to be moving forward.
Key Points
- A revolutionary financial proposal from the BRICS summit
- The push for a more sophisticated payment system
- Russia’s alternative to SWIFT
- Could a common currency for BRICS soon be a reality?
A New Financial Era Beckons
At the recent BRICS summit in Johannesburg, a game-changing idea was proposed. The leaders of the BRICS nations are considering a break from the U.S. dollar, in favor of local currency usage in trade and financial transactions.
Li Kexin, Director-General of the Department of International Economic Affairs of the Foreign Ministry of China said, “BRICS members should study local currency cooperation payment tools and platforms, and promote local currency settlement.”
Russia’s SWIFT Alternative
Russia, in response to being cut-off from the SWIFT messaging system due to western sanctions, has already created its own alternative. An alternative payment system is not just a Russian idea, but a promising area, according to Indian Foreign Secretary Vinay Kwatra.
Techniques for Implementing BRICS Payment System
- Strengthening cross-border payment cooperation
- Promoting local currency settlement
- Setting up alternative international payment systems
Unfolding Events to Watch
Russia: Despite being cut-off from SWIFT, they created their own alternative system, proving self-sufficiency is possible.
China: They are pushing for local currency settlement in global transactions, reducing reliance on the U.S. dollar.
Brazil: The call for a common BRICS currency for trade and investment between members, a bold move that could reshape global financial dynamics.
We Are Witnessing an Unfolding Financial Revolution
This development could reshape the global financial landscape. This is not just about a new currency, it’s about a shift in financial power and monetary system dynamics, a new era that could spark global awareness of a stable, sovereign non-fiat financial system offering fairness and increased prosperity for all of humanity.
…Leading to Our GCR Alternative.
Supporting Article: https://www.reuters.com/world/brics-nations-should-strengthen-cooperation-cross-border-payment-china-2023-08-24/
