BRICS Pay going operational is a major step in dedollarisation

[rodskee]

What I think more about BRICS is that as more countries are joining, some of the countries will not have dedollarization plan in mind. Some countries like China, Russia, Iran will be the countries that will have that in mind. I still see dollar to remain very dominant, followed by euro.

If they have no plan or desire to reduce their dependence on USD, then what is the purpose of them joining BRICS when everyone knows that the purpose of BRICS is to reduce dependence on USD? The countries that have joined and intend to join this bloc are all countries that are fed up with dependence on the US dollar and the authoritarian dominance of the United States.

countries who have joined brics not only do not like usa but they also want to push their currency forward brics is a group of countries aiming for the dedollarization but at the end of the day each of them would want their own currency to essentially replace usd meanwhile countries who are dependent to usa will never let go of their ties with usa even if more countries push for dedollarization simply because they can't afford to lose their allegiance with the us

Yes, USD still dominates the international market, they have dominated the world for over 100 years so reducing dependence or completely eliminating them is not easy. Everything needs to be implemented step by step and it takes time, we cannot expect this process to happen quickly, it may take longer than we think. What we need to care about is that the de-dollarization plan is still being implemented according to the roadmap set out by BRICS.

us became the leading currency because of many factors there was a war and also involvement of gold the pound was the leading currency until they had to borrow money so for the dollar to be replaced it will not be enough that other currencies get really close to the dollar the usa would need to suffer from economic crisis to the point that they would start borrowing money

[Darker45]

It's kind of good that there is an aggressive initiative to challenge the USD hegemony, at least for the sake of checks and balances. And to make sure they're always striving to maintain a top shape. BRICS Pay makes the playing field healthy. There has to be a solid alternative, perhaps even a threat, otherwise the dominant currency would be free to fail, falter, get abused, managed by incompetent people, be mediocre, and so on and so forth without the risk of being dethroned.

I don't exactly understand how the payment system specifically works or why it's unique. It appears to me it's just one among many payment apps. You download the app, connect your Visa or whatever card, and use it for payment. I don't understand which part of it is truly decentralized. The first principle they adhere to is decentralization. I wonder how it is decentralized though.

[Fiatless]

I don't exactly understand how the payment system specifically works or why it's unique. It appears to me it's just one among many payment apps. You download the app, connect your Visa or whatever card, and use it for payment. I don't understand which part of it is truly decentralized. The first principle they adhere to is decentralization. I wonder how it is decentralized though.

I have not used the card, so I don't have firsthand knowledge about how the card operates. But from the information I gathered, you wouldn't need a financial intermediary like Visa to use BRICS Pay. The main purpose of the platform is to bypass SWIFT and other Western-controlled financial systems. And it seems they will achieve it by using blockchain technology and smart contracts.

BRICS Pay utilizes blockchain technology and smart contracts to enable transparent and decentralized decision-making.

The platform can support digital currencies or stablecoins pegged to the national currencies of member states. This allows BRICS Pay to reduce its reliance on traditional systems and minimize transaction costs.

Critically, BRICS Pay ensures interoperability between various payment systems in member countries. Users can conduct cross-border transactions without the need for multiple intermediaries.

https://www.ccn.com/news/crypto/brics-unveils-new-payment-system/
https://brics-pay.com/

[EarnOnVictor]

In the newest BRICS meeting currently taking place in Russia, the new BRICS payment system called BRICS Pay was revelated and became operational. The gift card seen in the image above contains 500 rubles and it can be used to purchase stuff from any shop that supports the BRICS Pay system like the coffee shop below.

Congrats to the BRICS member states, but the full recognition and use will be slow. It may go fully operational in a matter of years, if not at least a decade, even as the success of converting more cooperating states to BRICS is at a snail's pace. It's Russia now, I wonder when the next country will own the first card, and after that, when the people of Russia and other countries will be interested in it for their preferred payment gateway, it has a lot to do to be prominent. If this is defeated, there is no serious use here and I see no special inference for this card.

This is a major step in Dedollarisation specially since BRICS is expanding very rapidly as lots of countries are now applying to join it.

You are right about the de-dollarization, but it's beyond, the de-Eurolization, de-poundation etc are included. This is just for Russia to have more say in the international financial system.

[pooya87]

Congrats to the BRICS member states, but the full recognition and use will be slow. It may go fully operational in a matter of years, if not at least a decade, even as the success of converting more cooperating states to BRICS is at a snail's pace. It's Russia now, I wonder when the next country will own the first card, and after that, when the people of Russia and other countries will be interested in it for their preferred payment gateway, it has a lot to do to be prominent. If this is defeated, there is no serious use here and I see no special inference for this card.

You are absolutely correct that it is going to be a slow process but I doubt it would take a decade. I read some speculation that it is going to be in full usage/adoption by 2028. The thing is that its adoption and development is getting exponentially faster.
For example 5 years ago you'd predict that it would take 50 years for BRICS to get to where it is right now. Two or three years ago nobody believed that BRICS pay can even exist.

But the more countries US sanctions and the more of their money they steal the more countries will realize they NEED an alternative. So BRICS advancement speeds up.

You are right about the de-dollarization, but it's beyond, the de-Eurolization, de-poundation etc are included. This is just for Russia to have more say in the international financial system.

Europe isn't really defined in the global geopolitics when we look at the bigger picture. And the World Order that is being replaced was a unipolar world with US and only US controlled everything. So it is purely dedollarization, deamericanization and deglobalization.

Also I have to say it is not just about Russia wanting to have a say in things. It is about the rest of the world wanting to have a say in anything! Take a look at the ongoing genocide in Gaza. Can the American organizations such as United Nations prevent that? No. Can BRICS? Maybe. This is why BRICS is also evolving into being more than just some economic relations. I wouldn't be surprised to see it become an alternative to or a replacement for the UN and be an actual international organization not just an American one like the UN, IMF and others.

[WillyAp]

I wouldn't be surprised to see it become an alternative to or a replacement for the UN and be an actual international organization not just an American one like the UN, IMF and others.

Why would they? UN is a nest of failed civil servants from the 1st to the 3rd world.
They failed at home so they fail in the UN.

How many violations of human rights have led to a arrest?
The proof finding missions are especially long lasting and fruitless.

[Fiatless]

Why would they? UN is a nest of failed civil servants from the 1st to the 3rd world.
They failed at home so they fail in the UN.

How many violations of human rights have led to a arrest?
The proof finding missions are especially long lasting and fruitless.

Warrants to arrest are enforced mainly on African leaders and others who oppose the policies of the financiers of the UN. The majority of leaders tried and convicted by the International Criminal Court are Africans, so one will begin to wonder if the court was created for them. Meanwhile, many people who have committed genocide in Iraq, Libya and other countries are walking freely. Some countries need to leave the UN and form another organization because it has failed to achieve its goals.

[el kaka22]

BRICS was literally designed to be able to do this, doesn't mean they have too much power to make it happen in a day but obviously they are going into a battle to make sure dollar isn't the strongest currency in the world, or at the very best case, even if it is still the best and most used, at least have lower value compared to others.

Making a stand against dollar is good for us non-Americans and I believe we could see how this could benefit us, most of the stuff in the world is with dollars, and when dollar gains value against our fiat, we already make less money than Americans so it gets harder to buy for most things. Remember, not everyone is from USA, or UK or France or Swiss etc etc where people make thousands easily, I have to work 7 months with minimum wage to be able to afford one iphone 16 pro max, meaning things are expensive around here in poorer nations, and we should consider how this could benefit us too.

[WillyAp]

Warrants to arrest are enforced mainly on African leaders and others who oppose the policies of the financiers of the UN. The majority of leaders tried and convicted by the International Criminal Court are Africans, so one will begin to wonder if the court was created for them. Meanwhile, many people who have committed genocide in Iraq, Libya and other countries are walking freely. Some countries need to leave the UN and form another organization because it has failed to achieve its goals.

In the last decade I cannot recall any arrest made not even to African expresidentes. Nothing against Africa. BRICS to have juridical system is not going to work due to the 1st member Russia who wishes the system to replace SWIFT.

Unfortunately, BRICS is a system that seeks to replace Swift. Swift is an interbank system based in the US. Every money passing through there is recorded and can cause legal problems.  The very reason for some countries wishing to join.

With that reasoning do you see a juridical set up for BRICS? I doubt that very much.  

[Darker45]

I don't exactly understand how the payment system specifically works or why it's unique. It appears to me it's just one among many payment apps. You download the app, connect your Visa or whatever card, and use it for payment. I don't understand which part of it is truly decentralized. The first principle they adhere to is decentralization. I wonder how it is decentralized though.

I have not used the card, so I don't have firsthand knowledge about how the card operates. But from the information I gathered, you wouldn't need a financial intermediary like Visa to use BRICS Pay. The main purpose of the platform is to bypass SWIFT and other Western-controlled financial systems. And it seems they will achieve it by using blockchain technology and smart contracts.

Is it even a card? And it's not yet in operation, right?

As far as I understand, it's a mobile app, an online wallet you could download and access through your smart phone. You can get it from your App store or Google play or iOS browser.

Moreover, you will fill your wallet via Visa and Mastercard.


https://youtu.be/FGA-RaRw1hU?list=TLGG833l3DCnRvwyMzEwMjAyNA

So, there you go. I'm wondering which part of it uses a decentralized blockchain and independent smart contracts. Again, it seems to me it's another fiat-based wallet which happens to cater cryptocurrencies as well.

I think, if they truly are after independent payment system, they could easily adopt Bitcoin. It's truly free from any external influence and it has a native currency whose value no country however powerful can inflate or deflate.

[NotATether]

It would be interesting to know what The US will react to this especially Middle East countries that sell oil to US, BRICS countries can force US to use their currency because they're the one who have the oil and have power to bargain.

Yuan has been overtake Dollar since many years ago, with BRICS this will strengthening Yuan more.

US probably doesn't care. They continue to have a lot of countries by the balls, especially the ones who owe money to the IMF or World Bank.

However, it will be interesting to see how Russia in particular implements this. They've got no rubles left, after spending them all on fighting Ukraine, so now they've resorted to bartering rice for apples or something like that.  

PS. Any international fiat payment operation that doesn't support Visa or Mastercard in some capacity (whether internal or external) will inevitably fail, since all POS systems and ATMs usually support only those two networks. Maybe UnionPay too if you are lucky, but that doesn't have a utility outside China.

[WillyAp]

https://brics-pay.com/

The site is hostet at Amazon aws. Its kind of odd to host a non us Site in the US. Virginia to be exact.
And than shared hosts?
Reverse IP results for 44.219.53.183
==============

There are 64,383 domains hosted on this server.

I bet the site has nothing to do with BRICS and everything going for FIAT. Yours most likely .

[Aanuoluwatofunmi]

In the newest BRICS meeting currently taking place in Russia, the new BRICS payment system called BRICS Pay was revelated and became operational. The gift card seen in the image above contains 500 rubles and it can be used to purchase stuff from any shop that supports the BRICS Pay system like the coffee shop below.

This is a major step in Dedollarisation specially since BRICS is expanding very rapidly as lots of countries are now applying to join it.

The word is seeing Russia as the brain behind the suggestion of all related affairs in this regard, which is first to ensure that they see the way the use and acceptability of USD will be on a continuous decline with BRICS and from there get to other parts of the world.

This can also be viewed from other different perspectives on the reason for the introduction of this payment gateway system, while if we look at China reaction towards this, they seem to sat on the fence accepting any new development coming within their circles since they already know that they are not going to suffer any loss as long as their economy retain intact and unaltered by any of the decisions.

[pooya87]

Is it even a card? And it's not yet in operation, right?

I'd say it is in its alpha phase (the phase before beta release) so it is too soon to say what it is and how it works.

So, there you go. I'm wondering which part of it uses a decentralized blockchain and independent smart contracts. Again, it seems to me it's another fiat-based wallet which happens to cater cryptocurrencies as well.

Blockchain is the database, and database doesn't have to be decentralized. Look at how many altcoins are centralized. It is too soon to discuss what BRICS Pay is using though...

I think, if they truly are after independent payment system, they could easily adopt Bitcoin. It's truly free from any external influence and it has a native currency whose value no country however powerful can inflate or deflate.

Not possible because bitcoin price is too volatile and as a payment system it is too small to handle such massive amounts and number of transactions. Such a payment system requires a much better stability (price wise) to be viable.

[NotATether]

https://brics-pay.com/

The site is hostet at Amazon aws. Its kind of odd to host a non us Site in the US. Virginia to be exact.
And than shared hosts?
Reverse IP results for 44.219.53.183
==============

There are 64,383 domains hosted on this server.

I bet the site has nothing to do with BRICS and everything going for FIAT. Yours most likely .

That's one of AWS' us-east-1 servers - they have one for each availability zone for all of those websites that are being hosted with Lightsail or something. Just one huge box at the edge that can absorb all of the DDoS attacks. 

It's wild that BRICS is using US infrastructure for their website though.

[DrBeer]

In the newest BRICS meeting currently taking place in Russia, the new BRICS payment system called BRICS Pay was revelated and became operational. The gift card seen in the image above contains 500 rubles and it can be used to purchase stuff from any shop that supports the BRICS Pay system like the coffee shop below.

Isn't it funny that the whole software system, working methodology and so on, all of them come from the west knowledge? Thanks to the western knowledge and technology, BRICS countries managed to create a BRICS Pay (software written in English language).
Also, the gift in the given image is equivalent of $5.

This is a major step in Dedollarisation specially since BRICS is expanding very rapidly as lots of countries are now applying to join it.

I'll be happy if their quality of life improves after the dedollarisation but I still think that any BRICS country should try to stick with west rather than with Russia and China. It's funny how people from BRICS countries migrate to the USA, EU and allies while no one moves in Brazil, Russia or China for better quality of life.

There is a huge gulf between propaganda and trying to paint the greatness of loser countries, and reality They are all “fighting the developed West and the US”, but only in the heads of their citizens. Because they do not need well-off and educated citizens, they do not benefit from freedom and equality, they need power, total totalitarian power. That is why, for example, India says that BRICS is an economic union for us, not a political one, but we will still adhere to the Western vector of development.

PS The most interesting thing is that in the course of BRICS2024, there are already 2 interesting statements:
- Brazil, India and South Africa are against BRICS expansion. Reason ? And here we go to the next point:
 - In fact the whole BRICS, including China turned out to be against the Russian Fuhrer's idea to make BRICS an “anti-American alliance”

[pooya87]

As BRICS keep on growing each year with influence and strength, and also as new members keep joining this growing bloc the prototype of the physical BRICS currency (cash) is resurfacing again and for those who haven't seen that, it looks like this:



As they are saying in the ongoing BRICS summit in Kazan, Russia: The sun is rising from the East, and truly setting in the West...

[Synchronice]

There is a huge gulf between propaganda and trying to paint the greatness of loser countries, and reality They are all “fighting the developed West and the US”, but only in the heads of their citizens. Because they do not need well-off and educated citizens, they do not benefit from freedom and equality, they need power, total totalitarian power. That is why, for example, India says that BRICS is an economic union for us, not a political one, but we will still adhere to the Western vector of development.

PS The most interesting thing is that in the course of BRICS2024, there are already 2 interesting statements:
- Brazil, India and South Africa are against BRICS expansion. Reason ? And here we go to the next point:
 - In fact the whole BRICS, including China turned out to be against the Russian Fuhrer's idea to make BRICS an “anti-American alliance”

You are right, they do not need well-off and educated citizens but you know what? They are wrong. In reality, rich, happy and educated citizens will improve the overall quality of life, will be more productive and will create more wealth. All of these will automatically create a better atmosphere and generate more wealth for those corrupts that want totalitarian power but no, their mindset is that everything should be for them and nothing for their citizens and don't analyze that with this approach, they get less than they could.

[WillyAp]

As BRICS keep on growing each year with influence and strength, and also as new members keep joining this growing bloc the prototype of the physical BRICS currency (cash) is resurfacing again and for those who haven't seen that, it looks like this:

Yesterday I had the chance to read an excellent article about BRICS: Titled Putin’s plan to defeat the dollar
The article is published by the https://www.economist.com/international/2024/10/20/putins-plan-to-defeat-the-dollar

America’s dominance of the global financial system has been a mainstay of the post-war order. It reflects its economic and military heft, but also the fact that dollar-denominated assets such as Treasuries are seen as safe from government confiscation and inflation and are easy to buy and sell. Though central banks have diversified their holdings, including into gold, around 58% of foreign-currency reserves are in dollars (see chart) and the network effects of the dollar put American banks at the centre of the world’s payments systems. Sending money around the globe is a bit like taking a long-haul flight; if two airports are not directly linked, passengers will need to change flights, ideally at a busy hub where lots of other planes connect. In the world of international payments the biggest hub is America, where many of the world’s banks swap foreign currencies from those making payments into dollars and then into the currencies in which the payments are received.

Further down:

The BRICS Bridge plan was outlined in a report by the Russian finance ministry and central bank in October. Running to 48 pages it critiques Western finance and states that “a new multinational platform for the purposes of cross border settlement needs to be examined in further detail due to its novelty, associated risks, and, potentially, game-changing economics”.  With its focus on digital currencies run by central banks it appears to be at least partially inspired by an experimental payments platform called mBridge, which was developed by the BIS alongside the central banks of China, Hong Kong, Thailand and the United Arab Emirates. Chinese state media say that the new BRICS plan “is likely to draw on the lessons learned” from the mBridge project by the BIS.
That BIS experiment was innocent in design and initiated in 2019, before Russia’s full-scale invasion. It has been stunningly successful, according to several people involved in the project. It could cut transaction times from days to seconds and transaction costs to almost nothing. In June the BIS said mBridge had reached “minimum viable product stage” and Saudi Arabia’s central bank joined as a fifth partner in the scheme. Some 31 other members are observers. By creating a system that could potentially be far more efficient than the current one—and which would weaken the dominance of the dollar—the BIS has unwittingly stepped into a geopolitical minefield.

Read the entire article https://archive.ph/svgEc

[DrBeer]

By the way, who can tell - who initiated the development of this new multi-colored paper ?  I wonder who “invented” it, what it will be secured with, and most importantly - HOW!? Provided that the union has 2 largest world economies (China and India), a few permanent participants who came solely for their own benefit, and the rest - well, if not losers, then far from the most successful countries ...