BRICS Pay going operational is a major step in dedollarisation

[Swordsoffreedom]

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.

Why don't you think the opposite, the emergence and rise of BRICS will make the world more fair and peaceful? Because there has been no challenge to US power for decades, they have become more arrogant and aggressive. They think they can do whatever they think is right because no one can do anything to them, they are kings, they are the creators of the law.
If you notice, out of all the wars going on in the world, there is not a single war that does not involve the United States and they are even the main supplier of weapons to create and sustain the wars. Under the domination of the superpower United States, war never ends and the world is never at peace.

It is puzzling that many people hate and abhor communism and call it a dictatorship, but do not want to accept a multipolar world and prefer to be dominated by one country. Is a unipolar world dominated by one arrogant nation that can do whatever it wants any different from a communist dictatorship?

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.

Don't expect any fairness or transparency in the unipolar world, they are not as fair and kind as they tell you.

[fullhdpixel]

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 ...

Between each other may have not been too high for now, but isn't that the purpose of creating this? To make sure they trade with each other more? I am not saying they are going to succeed, I wouldn't know about it (neither will you nor OP) because this is not something that can be known beforehand, even the biggest economists can't, but the goal is set and what they will achieve is unknown.

The goal is to make sure they trade with each other, and not use dollars and make dollar lose value, this is the goal and their aim.

So what they are going to achieve is not known, and yes it was much much smaller before but the goal should be making that number a lot higher than what it has been so far. They haven't traded with each other too much, but with this new method, maybe they will start to trade more?

I can't say how much more, but if they do go from 422 to 2 trillion, that would be nearly five times more, and should hurt dollar a bit, not a ton, but a bit.

[BALIK]

The GDP of the BRICS countries accounts for about 36% of the world's GDP.

https://www.gzeromedia.com/graphic-truth/graphic-truth-brics-economies-eclipse-the-g7


Among the 10 countries with the most mineral resources in the world, we have five countries including Russia, Iran, Saudi Arabia, China and Brazil that are members of the BRICS bloc.


https://www.statista.com/statistics/748223/leading-countries-based-on-natural-resource-value/


BRICS accounts for about 45% of the world's total oil and gas reserves and holds 80% of the world's total aluminum reserves.


https://www.rogtecmagazine.com/brics-accounts-for-almost-45-of-global-oil-reserves-after-expansion/

Besides, they control more than 20% of the world's gold, total industrial output accounts for 38%...and many fields are almost completely superior when compared to the G7.

Through these simple statistics, it can be seen that the potential of BRICS is not weak compared to the United States and its allies. That clearly shows that they have the basis and potential to carry out dedollarization. We should look at the reality and accept that reality instead of stubbornly believing that dedollarization is just an illusion.

Things are still happening and a world that is no longer heavily dependent on the USD is slowly taking shape, it is just a matter of time.

[Oshosondy]

Why don't you think the opposite, the emergence and rise of BRICS will make the world more fair and peaceful? Because there has been no challenge to US power for decades, they have become more arrogant and aggressive. They think they can do whatever they think is right because no one can do anything to them, they are kings, they are the creators of the law.
If you notice, out of all the wars going on in the world, there is not a single war that does not involve the United States and they are even the main supplier of weapons to create and sustain the wars. Under the domination of the superpower United States, war never ends and the world is never at peace.

It is puzzling that many people hate and abhor communism and call it a dictatorship, but do not want to accept a multipolar world and prefer to be dominated by one country. Is a unipolar world dominated by one arrogant nation that can do whatever it wants any different from a communist dictatorship?

I am not supporting United States in this but neither am I supporting any other countries like Russia and Iran. The country that I do much respect is country like Japan which do not build atomic weapon despite that they have the power to do it and also they are trying to avoid fighting. Before United States got the world power, there were wars. Also if United States lost the world power, I do not think war is going to be over. Something will happen that will lead to wars again and again.

I am still always surprised that China does not want to leave Taiwan alone and see it as a brother because they are like one. You can see countries like Monaco in France and having their peace. Probably they may be thinking Hong Kong and Macau may also want to fight for their independence. Also I think Russia attacked Ukraine is more than Ukraine wanted to become a NATO member. Why not attacked Finland that become a NATO member after the Russian Ukraine war started. Also why is Iran sending missiles to Israel when there are many contries between them. Iran is supporting anything that Israel against. I am not supporting anyone if them but war will always exists because people are just people.

I am not saying United States is good. They have their own bad side. One of which I hate is how they murdered Gaddafi, the president of Libya. Gaddafi wanted one Africa. Libya has not been better as it was in the time of Gaddafi. But if power shift towards China and Russia, this could be the started of what we may not know now that will happen in the future. Something like this: https://www.orfonline.org/expert-speak/china-and-ugandas-entebbe-international-airport or what we may not expect.

[iv4n]

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.

The IMF, the World Bank, and the Bricks are all the same and play by the same rules... and all of them have the same goal, to gather more power, protect the powerful, and allow them to get even richer. Here and there they give some funds to the poor and pretend to be saints. The system is rotten.

Maybe the Brics nation will be worse than the United Nations, who knows... in any case, none of them is good and can't be good, the question is which is the lesser evil.

[dezoel]

Mobile app to make sure people around the world (not everywhere but in some places) can pay in not-dollar and that would be something that would be a lot better for a lot of people and we could see a result that would be a quite help and we could see dollar getting less and less value.

I believe we are going to see this BRICS should reach to  a level where we are going to see them getting bigger power with time, it is not an old thing yet and we are not really talking about something that is getting to a high level yet, but with a few more years then we are going to see better result. Plus, this is a big help for Russia when we are dealing with a good amount of sanctions being ignored with something like this and people could still use rubble when they are buying something and this will help with oligarchs as well. So all in all I believe that dollar will lose some value because of this but I am sure they are not going to lose their spot at the top neither.

[WillyAp]

Mobile app to make sure people around the world (not everywhere but in some places) can pay in not-dollar and that would be something that would be a lot better for a lot of people and we could see a result that would be a quite help and we could see dollar getting less and less value.

learning is nice:

[Argoo]

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.

Why don't you think the opposite, the emergence and rise of BRICS will make the world more fair and peaceful? Because there has been no challenge to US power for decades, they have become more arrogant and aggressive. They think they can do whatever they think is right because no one can do anything to them, they are kings, they are the creators of the law.
If you notice, out of all the wars going on in the world, there is not a single war that does not involve the United States and they are even the main supplier of weapons to create and sustain the wars. Under the domination of the superpower United States, war never ends and the world is never at peace.

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.

For example, for hundreds of years now, Russia has been a part of oppressed nations and peoples, who are kept there by coercion and force of the central government. In recent decades alone, Russia has militarily occupied Abkhazia and South Ossetia in Georgia, Transnistria in Moldova, the Crimean peninsula and parts of the Donetsk and Lugansk regions in Ukraine. Now Russia has unleashed a large-scale war and wants to completely seize Ukraine. If there are no restraining factors, Russia will continue to attack its neighbors, China will definitely attack Taiwan, weak states will be absorbed by stronger ones, and then a war will begin between strong states that will definitely not share something between themselves.

All this fuss with the idea of BRICS is aimed primarily at bypassing possible international sanctions and the desire of individual states to untie their hands for a violent redivision of the world. But a significant part of the states that join BRICS hope that this will only be an economic union for more profitable trade. They are already declaring that they do not want it to be politicized. Over time, they will become disillusioned with this union. BRICS will not be a monolithic union, since it consists of countries that have different views on the direction of the main world processes. And therefore, this union is short-lived.

[pooya87]

The country that I do much respect is country like Japan which do not build atomic weapon despite that they have the power to do it and also they are trying to avoid fighting.

After WW2 when Japan was defeated and bombed with 2 nukes and a dozen napalms they were occupied and remain a semi-occupied country to this day. Japan is not even allowed to have a decent military. The keyword here is "not allowed". Similarly anything nuclear is in full control of the occupiers of Japan aka United States.

So if they are not building nukes it is because they are not allowed to not because they can and don't want to.

[lixer]

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.

You do not even have to belong to a BRICS nation neither, you can be citizen of another nation and use this card/app basically to spend anywhere if you are there visiting as a tourist. Allows you to digitalize everything, and do not need to do anything like converting and exchange offices and all that.

In most poor nations, there are many terrible rates and you basically get screwed and there is no need to do that anymore, with this you could just simply load it up, and spend it anywhere you go. Obviously I am not sure how much spread it is yet, since it's a new thing, this may take a few years before you can spend it everywhere you go, you may still need some cash just in case, would allow to make things better, without any cash, if someone says they don't take it, then you are going to be screwed.

[Oshosondy]

The country that I do much respect is country like Japan which do not build atomic weapon despite that they have the power to do it and also they are trying to avoid fighting.

After WW2 when Japan was defeated and bombed with 2 nukes and a dozen napalms they were occupied and remain a semi-occupied country to this day. Japan is not even allowed to have a decent military. The keyword here is "not allowed". Similarly anything nuclear is in full control of the occupiers of Japan aka United States.

So if they are not building nukes it is because they are not allowed to not because they can and don't want to.

I may not be completely right about this but according to what I have read before, a Japanese leader some years ago said Japan needs to build their own nuclear weapon. Also the present Prime Minister wants something like that. Japan has the resources and everything needed to build a nuclear weapon.

I do not think US is the problem, but US is also not showing any sign that they will support if Japan is attacked. What I read according to some speculations is that if Japan starts building nuclear weapon today, that threat may come from neighboring countries like China and North Korea. Also Russia is another neighboring country to Japan which I know are not having good history together.

In Japan, the public also are against building of nuclear weapon. Even the recent group that won the latest Noble Peace Award is from Japan. The public against building of nuclear weapon could be contributing to the reason such plan is delayed or not existing.

I think Japan wants some countries in Asia to do what NATO are doing. I mean something like Asian NATO. Some of the countries will not also support Japan in plan on building of nuclear weapon.

[pooya87]

I may not be completely right about this but according to what I have read before, a Japanese leader some years ago said Japan needs to build their own nuclear weapon.

You are right, his name was Shinzo Abe and he was the Prime Minister of Japan. He was assassinated on July 8, 2022. Interpret that however you want

I think Japan wants some countries in Asia to do what NATO are doing. I mean something like Asian NATO. Some of the countries will not also support Japan in plan on building of nuclear weapon.

What you are referring to sounds like part of the very old US plans for the world, which is not what Japanese people (or anyone else for that matter) wants. To put simply the idea was some sort of trinity of NATOs (Japan is only part of one of them).

The root of the idea was started by people like Huntington (you can read the general idea in the book Clash of Civilizations). Of course a lot of these strategies that US regime keeps implementing over the past decades have failed miserably, which means they keep updating them. The 3 NATOs were was the updated version:
1. The European NATO
Which you should already know, it is created to fight a proxy war for US with Russia. These days we are seeing it happen in Ukraine as NATO clashes with Russia.

2. The Middle Eastern NATO
Which is mainly the Arab dictators forming a coalition to fight a proxy war for US with Iran. Something they were working on for many years (plan were mainly started during George W. Bush presidency) but Trump made it public with Arab dictators with more than a thousand billion dollar budget. But it quickly fell apart (it is worth mentioning that Iran's entire military budget was only $12 billion!!!).

3. The East Asian NATO
Japan would be part of this one. This one is a two part coalition. That AUKUS thing which is Anglo-Saxons. And the East Asians (Japan, South Korea, Singapore and of course Taiwan).

The plan is, as the proxy wars go on and as the world burns, US remains intact and stays back and only sells weapons to all these nations who would keep on fighting each other. That way US can keep its hegemony since the rest of the world is destroyed.
Obviously this evil plan is not exactly working the way the US regime wants...

[Argoo]

The country that I do much respect is country like Japan which do not build atomic weapon despite that they have the power to do it and also they are trying to avoid fighting.

After WW2 when Japan was defeated and bombed with 2 nukes and a dozen napalms they were occupied and remain a semi-occupied country to this day. Japan is not even allowed to have a decent military. The keyword here is "not allowed". Similarly anything nuclear is in full control of the occupiers of Japan aka United States.

So if they are not building nukes it is because they are not allowed to not because they can and don't want to.

No one prohibits Japan from creating nuclear weapons, including the United States. In 1967, Japan itself officially adopted the "Three Non-Nuclear Principles" - not to produce, not to possess, and not to import nuclear weapons. In 1951, Japan signed the still valid Treaty on Military Cooperation and Defense with the United States, according to which any attack on Japan was considered an attack on the US armed forces. In 1989, Japan received the status of "Major US Ally outside NATO" from the United States.

Currently, Japan does not conduct research in the field of military use of nuclear energy, although it has the necessary materials and technologies that would allow it to acquire a nuclear bomb within one or two years.

[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.

[retreat]

BRICS Pay is probably one of the most ambitious projects that has brought the spirit of dedollarization so far. Just imagine this is a payment system that can be used across BRICS countries and their partners, it means that more people will not rely on Visa or Mastercard for their payments, it will empower individuals, businesses, and countries involved in this network. And it is possible that this payment system will use blockchain technology to make cross-border payments more streamlined, secure, and fast, so this is one of the innovative payment systems that BRICS will launch and it will definitely be a real threat to America and its allies.

[WillyAp]

You do not even have to belong to a BRICS nation neither, you can be citizen of another nation and use this card/app basically to spend anywhere if you are there visiting as a tourist. Allows you to digitalize everything, and do not need to do anything like converting and exchange offices and all that.

So far there is no payment gateway in working condition, legit and not scam.
So how do you know what the BRICS Gateway can or cannot do?

Most ambitious projects never leave the desk.
Most governments are not even sure that a new border conflict won't destroy BRICS. Take India and China. Their Leaders talk just that does not mean their Soldier begin to share a tea.

[pooya87]

Take India and China. Their Leaders talk just that does not mean their Soldier begin to share a tea.

Funny you should mention these two members, since during the recent BRICS meeting in Kazan and after the talks between these two nations a very long border tension between them was just gone and they both pulled back.

So yeah, BRICS is far more than just BRICS Pay and economy...

[Argoo]

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.

[WillyAp]

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.


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.

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.

[Faisal2202]

You do not even have to belong to a BRICS nation neither, you can be citizen of another nation and use this card/app basically to spend anywhere if you are there visiting as a tourist. Allows you to digitalize everything, and do not need to do anything like converting and exchange offices and all that.

In most poor nations, there are many terrible rates and you basically get screwed and there is no need to do that anymore, with this you could just simply load it up, and spend it anywhere you go. Obviously I am not sure how much spread it is yet, since it's a new thing, this may take a few years before you can spend it everywhere you go, you may still need some cash just in case, would allow to make things better, without any cash, if someone says they don't take it, then you are going to be screwed.

I pretty much knew that we don't have to be citizens of BRICS nations and that's the main purpose of this card that anyone can use it in any BRICS nation but I was actually concerned about exchange system like you said a US citizen can use it but in order to use it they have to load some money in it how that's going to work they did not shared much information on this or if they did then please share.

I got your point that the exchange rates are terrible in most of the countries, not only in poor countries, but believe me, till now I have seen locals providing better rates than any centralized government system like BRICS or BRICS bank accounts. I also realized that if I live in a BRICS nation I can load the card with my local currency and that currency can be used to pay in another BRICS nation so the exchange problem is not mine its a problem for the organization. But if a foreigner tries to load the card how he will do it and how it is not going to get involve USD directly or indirectly.