BRICS Pay going operational is a major step in dedollarisation

[avikz]

From all comments I can clearly see two groups of people. One who believes that a balance in power is needed and supporting this development of Brics payment channel and the others are believers of US dollar and loves to stay under the dominance of United States.

Honestly, US has always ruled the world with the power of their currency and warheads. They have massacred multiple Nations in the middle East and Asia and now ruining Europe by supporting Ukraine. A power balance is what we need to stabilize the world peace. We need a group who can challenge the prowess of US to maintain peace in all parts of the world. BRICS, hopefully will be able to do it.

[Moreno233]

I actually love the creation and expansion of the BRICS nation, not that I am in support of dedollarisation or against it but I personally love a world where there is alternative. If BRICS is offering such alternative, then it is a welcomed development and something to be celebrated. I know it will not be an easy task for them to establish an alternative to the West but it is something if achieve will bring some level of equity and fairness to global trades and give nations the freedom they need to grow and expand at their own pace. I also hate how IMF and world bank dictate the currency exchange rates and by extension, the economies of some countries so the coming of BRICS nation will actually check some of these things.

[cabron]

I actually love the creation and expansion of the BRICS nation, not that I am in support of dedollarisation or against it but I personally love a world where there is alternative. If BRICS is offering such alternative, then it is a welcomed development and something to be celebrated. I know it will not be an easy task for them to establish an alternative to the West but it is something if achieve will bring some level of equity and fairness to global trades and give nations the freedom they need to grow and expand at their own pace. I also hate how IMF and world bank dictate the currency exchange rates and by extension, the economies of some countries so the coming of BRICS nation will actually check some of these things.

Many failed to create an alternative. They died horribly at the hands of bad media. Now that there is BRICS and they have firepower as well, they are making it where the US can't isolate.

The articles from different news sites can't even say BRICS but a CLUB. John Kirby says "We don't view BRICS as some sort of threat". But at least in finance sites they clearly say the name of the Economic bloc BRICS.

[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 .

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.

Yes BRICS to avoid sanction and host a site in the USA. If that is their way of thinking than good night.
I bet its a site to collect money and not to send it off.
 

[philipma1957]

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.

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.

At least get the dates right the USA 🇺🇸 became dominant in the 1940’s.

Oppenheimer saw to it and Truman used it. Not once but twice in 1945.

Does it mean brics will beat the USD no why is that? simple brics are backed by communism which really is anti brics.

communism needs on government and one leader to work well. Which means brics will likely fail.

Not that the USD is special we are watching it fali as I type. The question is what replaces it.

[Iranus]

Does it mean brics will beat the USD no why is that?

BRCIS never claimed that they will defeat USD, their goal is to reduce dependence on USD and they call it de-dollarization. They want to create a multipolar world, a more equitable world, instead of a unipolar world dominated and oppressed by one power.

Which means brics will likely fail.

Anything is possible, BRICS can succeed or fail, it all depends on their efforts.

Not that the USD is special we are watching it fali as I type. The question is what replaces it.

Nothing lasts forever and history has proven that. Before the United States and the US dollar dominated the world, there were many other countries that dominated the world.

I also believe that many people who lived during the period 1720–1815 when France held the world's dominant currency or those who lived during the period 1815–1920 when the British pound was the world's reserve currency thought similarly to those who believe the USD will never be replaced. But history has proven that nothing lasts forever.

It is true that no one knows which currency will replace the USD, which country will replace the US to become the world superpower in the future, but history always repeats itself. No one can stop that, not even the United States.

[pooya87]

Honestly, US has always ruled the world with the power of their currency and warheads.

Always is a long time in history of mankind whereas the colony we call US is a toddler in comparison (a little more than 200 years old). Basically the US rise to power was due to the second European war aka WW2 and that was because the rest of the world has been destroyed while US mainland remained intact (specifically the infrastructure was intact). In other words US didn't gain power, the rest of the world lost power. So the world entered a dual-polar world with US and USSR as the powers.

Then USSR fell apart in 1991 and we entered a unipolar world (for the first time if I'm not mistaken). And now that unipolar world is also falling apart and we are going back to the multipolar world.

So you can say that US ruled the world for about 30 years.

[DrBeer]

Does it mean brics will beat the USD no why is that?

BRCIS never claimed that they will defeat USD, their goal is to reduce dependence on USD and they call it de-dollarization. They want to create a multipolar world, a more equitable world, instead of a unipolar world dominated and oppressed by one power.

Which means brics will likely fail.

Anything is possible, BRICS can succeed or fail, it all depends on their efforts.

Not that the USD is special we are watching it fali as I type. The question is what replaces it.

Nothing lasts forever and history has proven that. Before the United States and the US dollar dominated the world, there were many other countries that dominated the world.

I also believe that many people who lived during the period 1720–1815 when France held the world's dominant currency or those who lived during the period 1815–1920 when the British pound was the world's reserve currency thought similarly to those who believe the USD will never be replaced. But history has proven that nothing lasts forever.

It is true that no one knows which currency will replace the USD, which country will replace the US to become the world superpower in the future, but history always repeats itself. No one can stop that, not even the United States.

“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....

[Faisal2202]

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

It's a good thing for the BRICS program and the even better thing is that if I am not wrong we can use this card in any BRICS country to pay for anything if the respected payment system is installed I mean either they need the machines or they can use the app and a phone with NFC or manual entry they can pay. I visited their site and they said this pay works like a start system network means one country is connected to all of the others making the system smooth and error-free too at the same time.

I like the idea but how it will dedollarize USD. I use USD in my country but I can't pay with USD directly, so I have to convert, so what I do is convert USD into PKR and then store those PKR into this card (It doesn't work here but let's say if) CMIIW isn't, the demand will be the same or will be higher still.

[WillyAp]

Basically the US rise to power was due to the second European war aka WW2 and that was because the rest of the world has been destroyed while US mainland remained intact (specifically the infrastructure was intact). In other words US didn't gain power, the rest of the world lost power.

People are blind to several facts.
World Trade Organisation, World-bank, Swift, the UN and a few more are US Creations or have been taken over due to their larger influence after WW2. Earned IMHO. The global economy was the master stroke in trade domination. 3rd world countries were talked into accepting the free trade agreements. Most 3rd Word governments failed to see the danger for their homegrown industry, or simply didn't care. The big 4 in the car industry promised to open manufacturer plants. In turn the country forbade the import of used cars. IMHO a stepping stone if you need to develop. Nestle bought most chocolate producing companies worldwide and became number one. Others followed suit.

For worldwide business one or a few more currencies make no difference as long as no-one can be sanctioned and excluded. Easy access and all that.
The communist countries were excluded due to their worldclaim, Only if the world is united under socialism can there be Communism. If we wish to participate, no communist is interested in that. Now they wonder why  communism is not liked too much.    

I like the idea but how it will dedollarize USD. I use USD in my country but I can't pay with USD directly, so I have to convert, so what I do is convert USD into PKR and then store those PKR into this card (It doesn't work here but let's say if) CMIIW isn't, the demand will be the same or will be higher still.

Go for it and report back. Beware it's a fraud.

[pooya87]

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

It's a good thing for the BRICS program and the even better thing is that if I am not wrong we can use this card in any BRICS country to pay for anything if the respected payment system is installed I mean either they need the machines or they can use the app and a phone with NFC or manual entry they can pay. I visited their site and they said this pay works like a start system network means one country is connected to all of the others making the system smooth and error-free too at the same time.

I like the idea but how it will dedollarize USD. I use USD in my country but I can't pay with USD directly, so I have to convert, so what I do is convert USD into PKR and then store those PKR into this card (It doesn't work here but let's say if) CMIIW isn't, the demand will be the same or will be higher still.

From the looks of things, the implementation of BRICS Pay is going to take at least a couple of years (some are saying until 2028) to reach the member states. So I wouldn't hold my breath, but things are progressing and that's the important part if you ask me. Besides, the trades amongst BRICS countries (and a lot of others) is already shifting toward non-USD currencies which includes the local fiat of those countries...

World Order never changes overnight.

[Faisal2202]

From the looks of things, the implementation of BRICS Pay is going to take at least a couple of years (some are saying until 2028) to reach the member states. So I wouldn't hold my breath, but things are progressing and that's the important part if you ask me. Besides, the trades amongst BRICS countries (and a lot of others) is already shifting toward non-USD currencies which includes the local fiat of those countries...

World Order never changes overnight.

Yeah I can't agree more as you also agreed using dollar for international trade is not a world order and to change it (maybe wrong choice of words) but the main purpose of BRICS is to independence from dollar only, and this step is really crazy and we will see more products coming into being but I don't like the time like why they need 4 years to make this happen they can simple make the whole structure to work under 6 months its not something they have not done before.

Means, they have all the resources so why not, but as you said if its a world order then it needs licenses and proper paper work and the whole implementation with the right speed is also essential so yeah I think I agree it will take time but still 4 years a lot.

Go for it and report back. Beware it's a fraud.

How is it a fraud? Can you elaborate more what's your point here? I can't use it now as it's not available in our country yet and according to the OP, the implementation may take 3 to 4 years.

[Cryptoprincess101]

I actually love the creation and expansion of the BRICS nation, not that I am in support of dedollarisation or against it but I personally love a world where there is alternative. If BRICS is offering such alternative, then it is a welcomed development and something to be celebrated. I know it will not be an easy task for them to establish an alternative to the West but it is something if achieve will bring some level of equity and fairness to global trades and give nations the freedom they need to grow and expand at their own pace.

Am not disputing that there should be no alternative reserved currency to the USD but don't you think that this move by the BRICS nation can lead to conflicts and disagreement among world leaders because ''two captains cannot be in a ship'' and for the fact that America is still the world power and to have an alternative reserve by the BRICS sounds more like an attempt to devalue the dollar that has been a major foreign reserve currency over the years.

I also hate how IMF and world bank dictate the currency exchange rates and by extension, the economies of some countries so the coming of BRICS nation will actually check some of these things.

I don't think the IMF and world bank are manipulating exchange rates of countries, they are working based on the economic capacity of each country in the world trade organization. You never can tell, the BRICS nation might be worst than the United Nation.

[Moreno233]

“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.

[WillyAp]

How is it a fraud? Can you elaborate more what's your point here? I can't use it now as it's not available in our country yet and according to the OP, the implementation may take 3 to 4 years.

here from further up

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 .

Would you trust a anti US payment gateway without about us, no company, hostet under amazon US AWS.
Too many inconsistencies.

[STT]

If its gold backed for example I could believe it will be ok.  Russia certainly has the incentive to see it take off and probably China too.  Many countries want to move away from a USA dollar centric system.
   Russia has built up gold reserves, China and a few countries have the idea of reserves not dollar based.  China for a quarter century have been determined to run down foreign reserves from FIAT to gold.   That is why I imagine it has to follow that long term policy to really work out, it would be an amazing flip if this occured.  A 50 year reset from the Nixon shock, richter scale blip in the markets if that happened.  My first guess is that wont be it just yet, I would have heard from multiple places already.

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.

British empire made currency around the world, it was the gold standard.   We can just give the credit to gold really but it was also a very different time of empires, there was alot of demand for that currency to trade.  Spanish currency would also have been gold, the US Dollar is based off copying that Dollar as it was the most popular currency in the americas at that time and at the start of course US was just a minor underdog in the fight for trade etc.

[pooya87]

I don't like the time like why they need 4 years to make this happen they can simple make the whole structure to work under 6 months its not something they have not done before.

Means, they have all the resources so why not, but as you said if its a world order then it needs licenses and proper paper work and the whole implementation with the right speed is also essential so yeah I think I agree it will take time but still 4 years a lot.

There are a lot of reasons why this is slow. First is the fact that this is a brand new payment system possibly based on a new technology (as its being speculated about) so it takes time to develop and deploy.

There is also the fact that different countries have different available infrastructure which means implementing such a system may take 6 months in a place like China but it will take much longer in a place like Africa.

Another barrier is political. Even some members of BRICS are still resisting change! So getting everyone on board, agreeing on all the details of how this system has to work, etc. takes time. In fact the bigger BRICS get the slower this can become!

Am not disputing that there should be no alternative reserved currency to the USD but don't you think that this move by the BRICS nation can lead to conflicts and disagreement among world leaders because ''two captains cannot be in a ship'' and for the fact that America is still the world power and to have an alternative reserve by the BRICS sounds more like an attempt to devalue the dollar that has been a major foreign reserve currency over the years.

The conflict started many years ago when US replaced the previous scam called Bretton Woods with a new scam called Petrodollar. It became more apparent when US decided to weaponize the dollar and everyone felt the threat back in 2008 when the US financial crisis led to global financial crisis because they were all using the dollar.

The consequences of it was creation of the first alternative payment system we all know and love called Bitcoin.
The other consequence of it was dedollarisation. You see, despite what it may look like, dedollarisation has been going on for a long time. Look at the chart in the article Willy posted in previous page. The usage of dollar as reserve currency has dropped down from closer to 80%-90% down to 58% and continues to go down.

The last straw were sanctioning country after country and stealing their money through SWIFT that is in full control of the US regime. So the world saw that conflict and sought an exit out of that corrupt and very risky system.

So no, BRICS will not lead to conflicts, the conflicts started a long time ago and BRICS is the response.

Would you trust a anti US payment gateway without about us, no company, hostet under amazon US AWS.
Too many inconsistencies.

Is brics-pay.com the gateway or just a random information providing website?
Considering how BRICS Pay is not live for the public, it seems to be the later...

[pooya87]

~

This topic is about BRICS Pay not Russian economy or your personal hatred of the East and your hate speech.
If you want to talk about Russian economy, start a separate topic.

[Fiatless]

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....

You cannot separate economics and politics, their intermarriage is eternal. Every political move always has an economic undertone.

Who sets the standard for crimes that attract sanctions? The West.
Who enforces the sanctions against these so-called violators of these international laws? The West.
Let's be realistic here, the US and its allies have committed the same offences or crimes that made them sanction other nations. But because they control the financial system, nobody sanctions them. If every nation is treated equally there will be fewer agitations. The world needs an alternative and BRICS is pushing to make it happen.    

[WillyAp]

Would you trust a anti US payment gateway without about us, no company, hostet under amazon US AWS.
Too many inconsistencies.

Is brics-pay.com the gateway or just a random information providing website?
Considering how BRICS Pay is not live for the public, it seems to be the later...

the opener published the link as if that is the BRICS new paygate. IMHO its a gate to capture money.
Before the BRICS paygate opens the replacement of the western SWIFT replacement is ready.
Try to get 13 Nations agree on one development team is already a complex act.