BRICS Pay going operational is a major step in dedollarisation

[N.O]

“1720-1815, when France was the world's dominant currency, or those who lived in the period 1815-1920, when the British pound was the world's reserve currency,” - neither the franc of France nor the pound sterling of Britain was ever the world's reserve currency, this is erroneous information. The only semblance of a world reserve currency, or rather the most massively used TRADE MONET, was the Spanish Peso (16th - 20th centuries). But it was also not in the full sense a world reserve currency.

The problem of “fighters against the dollar” is that they are driven not by economic goals, but by purely political ones, and usually for the opportunity to violate laws with impunity. It was openly stated about the same “single currency BRICS” - “We are afraid to fall under financial sanctions, using the international payment system SWIFT and banks servicing accounts in dollars. We need another currency to avoid sanctions”. At the same time, the ideologues are a small group of countries that regularly violate international laws and agreements. India, for example, has no such problems, simply being a decent world player....

Who made those law that people aim to violate by seeking alternative to the current skewed monetary system? I wouldn't call what the BRICS are doing a fight against the dollar but a fight for a fair and equitable world. Furthermore, I disagree with you on the aspect of BRICS being politically motivated and supposedly seeking for opportunity to violate so called international laws with impunity. If I may ask, would you call Bitcoin a fight against the dollar when you know that was not the intention of the creator and founder Satoshi, rather to create an alternative to the centralized fiat payment systems with a bid to giving us the privilege of carrying out p2p transactions without the interference of a third party? What the BRICS nations are doing may not be exactly like Bitcoin but it has some resemblance in that both seek to create some form of alternative and by extension some level of fairness to global trade.

I think Bricks pay method is very beneficial to pay easily and we can use that card in many countries and we have all  access. That is good method to eliminate the dollar position in the International market. International market is dumping and the reason behind this is unstability in many countries. America want to conquer the world silently but many countries are powerful against America and they will defend. I think we can corelate America with the Roman Empire.Different countries are using different cards to pay and we are living in different countries but there should he system for all the countries.

[Argoo]

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 ...

This piece of paper really has nothing to do with the currency of the BRICS countries, because it is purely symbolic. Instead of a single BRICS currency, at the BRICS forum in Kazan, which took place on October 22-24, only a symbolic banknote of the BRICS countries was presented, which Putin then showed to his ministers. But the issue of a single currency was not even discussed at the summit.

Subsequently, Putin handed the banknote to the head of the Central Bank Elvira Nabiullina. The president's press secretary Dmitry Peskov later reported that the banknote did not make much of an impression on the head of the Central Bank. He suggested that the symbolic banknote was made by the Chamber of Commerce and Industry. Peskov described it as "quasi-money" and noted that it is a symbol of the joint work of the BRICS countries.

https://financy.24tv.ua/ru/putinu-predstavili-alternativnuju-banknotu-briks-finansy_n2669943

[Smack That Ace]

Do you really think that the strengthening of the BRICS countries will bring the world long-awaited justice and peace? I assure you that chaos will ensue and stronger authoritarian states will attack and seize weaker states without any restraining factors and impose their own laws and rules on them.

Do you have any basis to guarantee that the world will be more chaotic or is it just your thinking because you don't want US dominance to be lost? We will never know what the world will be like when it becomes more multipolar but I believe it will definitely be better than it is now and that is why so many countries want to join BRICS and get away from the dominance of the United States. You should ask, why are more and more countries wanting to join BRICS, I don't think they don't know what they are doing.

A chaotic world, dictatorial countries waging war, and occupying poor countries to seize mineral resources is what is happening today. There are so many unnecessary wars and chaos happening in the world just because of the greed of dictators, who will do anything just to maintain their domination.

Russia is striving to play a leading role in the BRICS union, and I know what Russia is. This is enough to say with confidence: if Russia takes the dominant role in the new world order of global security instead of the United States, then the current behavior of the United States on the world stage will seem angelic compared to Russia's behavior. If you see this, there will be no turning back. The world will change and become completely different.

Many countries want to join BRICS because they believe that it will be an economic union and they want to trade on more favorable terms than now. But Russia, Iran, China have their own plans for the future of this union. Of course, to be convinced of such a pessimistic development of events, they must come to pass, but then it will be too late to change anything.

You and those who are trying to protect the dominance of the United States because your country is funded by the United States, and if they lose their dominance, your country will also be in trouble, which is understandable. One thing I see from people trying to defend the United States is they say they know a lot about Russia, about China, about BRICS...but what do they or you really know about them? Apart from trying to deny the existence of BRICS and the ongoing de-dollarization process, I don't see what evidence you can provide to make the debate more interesting.

I won't argue too much because I believe time will tell, because after all, none of us don't have a crystal ball to know the future. By the way, what I find even more strange is: while many experts and economic advisors have also expressed concerns about the USD's dominance being threatened as BRICS grows, you say that BRICS will fail but have no evidence for that claim.

[pooya87]

China and India prevailed and made it possible to make BRICS not as Russia would like it: No Anti American stance so far.
Most members of BRICS would like to remain in a coexisting relation with the West. And the why is easy to explain.
Their clients live in the West.

Just because US regime feels threatened about anything anyone does in the world that is positive for those people, that doesn't mean those things are "Anti American".

In that sense, BRICS is like Bitcoin. Bitcoin is just an alternative payment system to all the payment systems that exist. It was not created to replace anything or to be anti anything, least of all banks.
But some delusional and corrupt entities have felt threatened by it. Like Jamie Dimon, the CEO of one of the most corrupt banks in the world JPMorgan Chase who called bitcoin a "hyped up fraud".
Did that change anything about Bitcoin? No.
Was Bitcoin created to topple JPMorgan Chase? No.
Do those who created and use Bitcoin give a shit about what Dimon says? No.
LOL

It's pretty much the same as BRICS. Neither Russia nor any other members created it to not-coexist with the West. It is a movement to have an alternative organization that is not in full control of the US regime so that it can not be abused by the US regime.
If the corrupt US regime sees that as a threat and "Anti American", it's their own business
They can pull their hair out all they way, BRICS and a lot of others (like SCO and ASEAN) are going forward with their plans and the Unipolar world is already over...

[cabron]

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 ...

This piece of paper really has nothing to do with the currency of the BRICS countries, because it is purely symbolic. Instead of a single BRICS currency, at the BRICS forum in Kazan, which took place on October 22-24, only a symbolic banknote of the BRICS countries was presented, which Putin then showed to his ministers. But the issue of a single currency was not even discussed at the summit.

Subsequently, Putin handed the banknote to the head of the Central Bank Elvira Nabiullina. The president's press secretary Dmitry Peskov later reported that the banknote did not make much of an impression on the head of the Central Bank. He suggested that the symbolic banknote was made by the Chamber of Commerce and Industry. Peskov described it as "quasi-money" and noted that it is a symbol of the joint work of the BRICS countries.

https://financy.24tv.ua/ru/putinu-predstavili-alternativnuju-banknotu-briks-finansy_n2669943

The currency they are creating is blockchain-based through the project mbridge AFAIK but it looks like the Bank of International Settlement is up to shut the project down already. They were just trying to buy time while pretending to work with BRICS nations. But now that it's almost about to be launched, the BIS suddenly changed its mind saying only Putin will benefit from this multicurrency financial settlement system.

If they couldn't agree with BRICS having their multicurrency financial settlement system, I guess both polars will agree to use cryptocurrencies such as BTC.

[Argoo]

Russia is striving to play a leading role in the BRICS union, and I know what Russia is. This is enough to say with confidence: if Russia takes the dominant role in the new world order of global security instead of the United States, then the current behavior of the United States on the world stage will seem angelic compared to Russia's behavior. If you see this, there will be no turning back. The world will change and become completely different.

Many countries want to join BRICS because they believe that it will be an economic union and they want to trade on more favorable terms than now. But Russia, Iran, China have their own plans for the future of this union. Of course, to be convinced of such a pessimistic development of events, they must come to pass, but then it will be too late to change anything.

You and those who are trying to protect the dominance of the United States because your country is funded by the United States, and if they lose their dominance, your country will also be in trouble, which is understandable. One thing I see from people trying to defend the United States is they say they know a lot about Russia, about China, about BRICS...but what do they or you really know about them? Apart from trying to deny the existence of BRICS and the ongoing de-dollarization process, I don't see what evidence you can provide to make the debate more interesting.

I won't argue too much because I believe time will tell, because after all, none of us don't have a crystal ball to know the future. By the way, what I find even more strange is: while many experts and economic advisors have also expressed concerns about the USD's dominance being threatened as BRICS grows, you say that BRICS will fail but have no evidence for that claim.

I know what Russia is because I lived in Ukraine for 29 years under the USSR, when Russia dominated this unequal union and imposed its ideology and the Russian language.

After the collapse of the USSR, having secured assurances from world powers, including Russia, that they would not attack Ukraine, Ukraine, as a peace-loving state, renounced the third-largest nuclear weapons, handing over to Russia about 1,900 nuclear warheads and 2,500 tactical nuclear charges - more than Great Britain, France and China had (for comparison, North Korea now has about 50-60 nuclear warheads), hundreds of strategic bombers, ballistic missiles and other weapons, which Russia is now attacking Ukraine with, violating the Budapest Memorandum. The United States and Great Britain were also among the guarantors of Ukraine's security, therefore, accordingly, they cannot remain aloof from this vile act of Russia and are providing assistance to Ukraine in defending itself from Russian military aggression.

States have the right to unite in any economic and political unions, including BRICS, and to defend their interests. I did not say that the BRICS union will fail, but that the aspirations of the states that are part of it are very contradictory and in this regard I made a forecast that it will not last long. Russia, with the help of BRICS, is trying to bypass the sanctions imposed on it because of the invasion of Ukraine and wants to use levers that do not correspond to the interests of the majority of BRICS member countries.

[WillyAp]

It's pretty much the same as BRICS. Neither Russia nor any other members created it to not-coexist with the West. It is a movement to have an alternative organization that is not in full control of the US regime so that it can not be abused by the US regime.
If the corrupt US regime sees that as a threat and "Anti American", it's their own business Smiley
They can pull their hair out all they way, BRICS and a lot of others (like SCO and ASEAN) are going forward with their plans and the Unipolar world is already over...

All or most governments have corrupt members in their mids.
It is a movement to have an alternative organization that is not in full control of the US regime so that it can not be abused by the US regime. There is some abuse that is sure and drug peddling is another issue they like to glue onto people just to make'em look bad.

Still the desire to be free of US influence by nations which harbor some territorial desires was making the world saver and with the freedom not to prosecuted war lurks a little closer. Unfortunately the UN is next to useless.

[justdimin]

The currency they are creating is blockchain-based through the project mbridge AFAIK but it looks like the Bank of International Settlement is up to shut the project down already. They were just trying to buy time while pretending to work with BRICS nations. But now that it's almost about to be launched, the BIS suddenly changed its mind saying only Putin will benefit from this multicurrency financial settlement system.

If they couldn't agree with BRICS having their multicurrency financial settlement system, I guess both polars will agree to use cryptocurrencies such as BTC.

I believe in this system to work in the future, I do not know how they will do it, but I think it will work out in the end. What I do not know exactly will be just how we can consider this to be helping with de-dolarisation. There are nations which dislikes USA, and they are already looking for any way possible to not use dollars anyway, and there are nations which doesn't mind, and there are ones that likes the dollar.

When you consider all of this together, there won't be a huge change. I am not saying it won't have even a small change, of course there will be a small change, but it won't be something huge, so we shouldn't really be relying on anything to change the world suddenly, this isn't that big, it's good for them, but not huge change. For that to be a huge change, this would have to be a good chunk of dollar market that is already being used, don't tell me Russia has been using dollar so much, and now will stop using it all together suddenly, they weren't using much anyway, and won't change that.

[pooya87]

There are nations which dislikes USA, and they are already looking for any way possible to not use dollars anyway, and there are nations which doesn't mind, and there are ones that likes the dollar.

There is no place in economy and national interest for emotions such as like or dislike. It is all about advantages and disadvantages. Using the dollar has countless disadvantages such as importing US printed inflation, having your country's money stolen by the US regime, etc. and creating an alternative payment system that the US regime cannot control eliminates all those disadvantages.

[Argoo]

The currency they are creating is blockchain-based through the project mbridge AFAIK but it looks like the Bank of International Settlement is up to shut the project down already. They were just trying to buy time while pretending to work with BRICS nations. But now that it's almost about to be launched, the BIS suddenly changed its mind saying only Putin will benefit from this multicurrency financial settlement system.

The mBridge platform was originally developed by the central banks of China, Thailand, Hong Kong and the UAE as part of the BIS Innovation Center and is now ready for real-world testing. MBridge promises to allow money to be sent around the world outside the current correspondent banking system, which is heavily dependent on the dollar and therefore a potential target of US sanctions. Instead, it establishes direct digital links between the central banks of participating countries.

Putin has called the technology a tool for circumventing sanctions and potentially undermining the dollar in the global financial system. That’s why the Bank for International Settlements is discussing shutting down the pilot cross-border payments platform. The issue was discussed by central banks and financial directors last week at the annual meetings of the International Monetary Fund and the World Bank in Washington.

Agustin Carstens, the BIS’s director general, said that “we cannot directly support any project for BRICS because we cannot work with countries that are subject to sanctions.”

It is currently unclear whether the closure of the mBridge project will effectively stop participating central banks from using the technology.

https://www.rbc.ua/ukr/news/proekt-kiy-putin-hotiv-vikoristati-pidrivu-1730193153.html

[fillippone]

Donald Trump said that if elected, he would raise tariffs to 400% for those nations who are leaving the dollar as a reserve currency.
I don't know how reliable and enforceable this measure is, but I guess it could end in a deadlock when trying to adopt this currency.
Interesting times ahead.

[Die_empty]

Donald Trump said that if elected, he would raise tariffs to 400% for those nations who are leaving the dollar as a reserve currency.
I don't know how reliable and enforceable this measure is, but I guess it could end in a deadlock when trying to adopt this currency.
Interesting times ahead.

The US doesn't have a competitive advantage over some goods, so they will keep relying on other countries. When government imposes high tariffs on such imported goods the tax burden is usually borne by the consumers of such products.

Such countries will also engage in tariff retaliation by increasing the tariffs on goods produced in the US and this can harm local industries.

Most of these campaign promises are not implementable. They are mainly targeted at enticing voters and attracting support. I don't think it will be possible to successfully fight a tariff war with countries like China and India.

[pooya87]

Donald Trump said that if elected, he would raise tariffs to 400% for those nations who are leaving the dollar as a reserve currency.
I don't know how reliable and enforceable this measure is, but I guess it could end in a deadlock when trying to adopt this currency.
Interesting times ahead.

The US doesn't have a competitive advantage over some goods, so they will keep relying on other countries. When government imposes high tariffs on such imported goods the tax burden is usually borne by the consumers of such products.

Such countries will also engage in tariff retaliation by increasing the tariffs on goods produced in the US and this can harm local industries.

Most of these campaign promises are not implementable. They are mainly targeted at enticing voters and attracting support. I don't think it will be possible to successfully fight a tariff war with countries like China and India.

This.
The inflation such crazy ideas would cause is only going to harm the population.

Also in my opinion such moves are more like a double edged sword at this point. Apart from the tariff retaliation, such a crazy move could lead to more dedollarisation and isolation of United States as it would push every country to be more serious about BRICS and similar organizations.

[dezoel]

The mBridge platform was originally developed by the central banks of China, Thailand, Hong Kong and the UAE as part of the BIS Innovation Center and is now ready for real-world testing. MBridge promises to allow money to be sent around the world outside the current correspondent banking system, which is heavily dependent on the dollar and therefore a potential target of US sanctions. Instead, it establishes direct digital links between the central banks of participating countries.

Putin has called the technology a tool for circumventing sanctions and potentially undermining the dollar in the global financial system. That’s why the Bank for International Settlements is discussing shutting down the pilot cross-border payments platform. The issue was discussed by central banks and financial directors last week at the annual meetings of the International Monetary Fund and the World Bank in Washington.

Agustin Carstens, the BIS’s director general, said that “we cannot directly support any project for BRICS because we cannot work with countries that are subject to sanctions.”

It is currently unclear whether the closure of the mBridge project will effectively stop participating central banks from using the technology.

https://www.rbc.ua/ukr/news/proekt-kiy-putin-hotiv-vikoristati-pidrivu-1730193153.html

I would guess these paperwork stuff will eventually be settled, surely they are not doing as great as they want, and the end result may not be what they wish it to be, but right now this is too early of a stage to make deductions unless you are Sherlock Holmes.

BRICS looks like a strong bunch of nations, and they are not stopping with just five nations neither, they are adding more, and I honestly believe that they could be a power together, sure maybe they won't rule the world together, but the aim is to be better than yesterday and worse than tomorrow so if they keep this up I am sure that they are going to reach that level.

This may take a while though, I remember it took over a decade for EU to decide on euro and do it, and took years to get rid of their own currency and just be a union themselves, so this may take a while. Plus, EU was all together in the same place, this involves nations from all over the world, so it is going to be a little bit harder.

[WillyAp]

BRICS looks like a strong bunch of nations, and they are not stopping with just five nations neither, they are adding more, and I honestly believe that they could be a power together, sure maybe they won't rule the world together, but the aim is to be better than yesterday and worse than tomorrow so if they keep this up I am sure that they are going to reach that level.

The more states join the unlikely becomes something useful out of BRICSXXXXX
All states have something in common, their populations lack purchase power. 
Something western countries wish to change. Not for the better though.

[Cartola]

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 ...

This piece of paper really has nothing to do with the currency of the BRICS countries, because it is purely symbolic. Instead of a single BRICS currency, at the BRICS forum in Kazan, which took place on October 22-24, only a symbolic banknote of the BRICS countries was presented, which Putin then showed to his ministers. But the issue of a single currency was not even discussed at the summit.

Subsequently, Putin handed the banknote to the head of the Central Bank Elvira Nabiullina. The president's press secretary Dmitry Peskov later reported that the banknote did not make much of an impression on the head of the Central Bank. He suggested that the symbolic banknote was made by the Chamber of Commerce and Industry. Peskov described it as "quasi-money" and noted that it is a symbol of the joint work of the BRICS countries.

https://financy.24tv.ua/ru/putinu-predstavili-alternativnuju-banknotu-briks-finansy_n2669943

I think this meme banknote Putin showed at the summit is really symbolic.

Of course, they may seek the dedollarisation, but I don't think tehre is a BRICS currency really coming around.

I actually think even it would not be convenient for China - it would be better for China the yuan itself could make this role.

[pooya87]

I think this meme banknote Putin showed at the summit is really symbolic.

Of course, they may seek the dedollarisation, but I don't think tehre is a BRICS currency really coming around.

I actually think even it would not be convenient for China - it would be better for China the yuan itself could make this role.

This piece of paper, as I've already posted in page 2 is a symbolic thing and it is not even new. It was published about a years ago when a set of new members joined this alliance. The BRICS payment system is already created and even though it is in its very early stages but it is inevitable now.

What China wants more than anything is economic relations and uninterrupted trade. Something they can not continue doing easily using the dollar, specially now that Trump has won...

[cabron]

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 ...

This piece of paper really has nothing to do with the currency of the BRICS countries, because it is purely symbolic. Instead of a single BRICS currency, at the BRICS forum in Kazan, which took place on October 22-24, only a symbolic banknote of the BRICS countries was presented, which Putin then showed to his ministers. But the issue of a single currency was not even discussed at the summit.

Subsequently, Putin handed the banknote to the head of the Central Bank Elvira Nabiullina. The president's press secretary Dmitry Peskov later reported that the banknote did not make much of an impression on the head of the Central Bank. He suggested that the symbolic banknote was made by the Chamber of Commerce and Industry. Peskov described it as "quasi-money" and noted that it is a symbol of the joint work of the BRICS countries.

https://financy.24tv.ua/ru/putinu-predstavili-alternativnuju-banknotu-briks-finansy_n2669943

I think this meme banknote Putin showed at the summit is really symbolic.

Of course, they may seek the dedollarisation, but I don't think tehre is a BRICS currency really coming around.

I actually think even it would not be convenient for China - it would be better for China the yuan itself could make this role.

I don't think they want dedollarication since they are cooperating with BIS which means USD can still be used in their financial system and allows every country to further develop unlike the SWIFT that they can choose which one they will ban and not able to participate in their economy.

But they are developing the multicurrency platform where any country including the US can work with. But it looks like the BIS already chooses its side despite being in the neutral country of Swiss.

I read in the news that China will take over that mbridge. If they are then I don't see anyone can avoid using it since they can enforce the use of it to all. Or else no products will be sent to your country.  Everyone is reliant to China.

[WillyAp]

The BRICS payment system is already created and even though it is in its very early stages but it is inevitable now.

Is it? Where, the AWS hostet Site is not from any BRICS member.

[MarjorieZimmermanGinger]

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.

BRICS is increasingly showing its existence and they are really trying to compete in an effort to neutralize the influence of the dollar in the world. BRICS Pay will also have a good impact on the journey because they provide services like most other currencies although their functions are different from currencies and now there are more options that people can use so that BRICS can develop much more.

What they are doing makes the countries that join will be much more profitable because external trade can use their respective local currencies and this is something different and maybe this system is very beneficial for the countries that join.