In what is a massive moment for the economic alliance, BRICS Pay has officially been unveiled. At the BRICS Business Forum taking place in Moscow, participants received brand new cards for the long-awaited payment system. The cards are the first official debut of the landmark project.
Russian State Media originally reported the demo cards contain 500 rubles that can be used for payment throughout three locations at the World Trade. Moreover, participants will be able to spend the funds throughout the Thursday and Friday events.
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BRICS Pay Gets Long-Awaited Unveiling at Business Forum
Throughout the last two years, the BRICS bloc has sought increased financial autonomy. Specifically, they have sought increased de-dollarization in an effort to lessen international reliance on Western currencies. With the bloc’s annual summit just a week away, it has made a massive step toward that goal already.
The bloc’s BRICS Pay system has officially been unveiled at the collective’s Business Forum in Moscow. Those who participate in the event have received a demo version of the payment system card. They have been giving funds to spend through the blockchain-based system.
Source: Reuters
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The card can be registered through a QR code, according to firsthand reports. Additionally, the funds already placed on the card are reportedly valid for the purchase of beverages or souvenirs at the event. The arrival is like a preview of what could come at next week’s summit.
The BRICS 2024 Summit is poised to see the full launch of the payment system. There, the world should get better insight into how it will work and, more importantly, who will participate. It provides a clear opportunity for the global south. Specifically, it allows increased local currency trade and challenges US dollar dominance.