Progress in the BRICS Independent Digital Payment Platform Initiative

BRICS nations are making strides in creating an independent digital payment platform, with significant progress reported by the Russian Federation Council's Chairwoman.

As Russia leads this initiative, the upcoming BRICS summit in Kazan is expected to further shape the platform's future. This move could redefine global economic power, challenging the dominance of traditional financial systems and promoting a multipolar world economy.

With recent expansions, BRICS' economic influence now surpasses that of the G7. The world watches closely as these developments unfold.

BRICS Moves Forward with Digital Payment Platform Plans

Valentina Matviyenko, Chairwoman of the Russian Federation Council, announced on August 1st that the BRICS (Brazil, Russia, India, China, and South Africa) independent digital payment platform initiative is making significant progress.

Matviyenko stated that she had discussions with both central banks and finance ministries regarding the creation of this platform.

She mentioned, "We are discussing with our colleagues from the central banks and finance ministries of the BRICS countries, including new member states."

She also highlighted that Russia, as the current BRICS chair, is overseeing this initiative.

Upcoming BRICS Summit in Kazan

The Chairwoman expressed hope that this topic will be addressed at the upcoming BRICS summit scheduled for October in Kazan, Republic of Tatarstan, Russia.

She remarked, "It is likely that a decision will be made, or at least a discussion on when and in what form the final decision should be taken."

Due to economic sanctions against Russia and the exclusion of Russian banks from SWIFT, Russia has developed its own payment system, which already includes participation from numerous countries.

Global Economic Shifts and BRICS Initiatives

Matviyenko also pointed out the global weakening of the dollar due to the increasing US national debt and noted the expansion of mutual settlement systems using various national currencies.

She stated, "We hope the system created by BRICS will become a trend and serve as a model for many other countries beyond the BRICS nations." This issue is also being discussed within the Shanghai Cooperation Organization (SCO).

Last March, reports indicated that the BRICS group was striving to "de-dollarize" their payment systems. Such efforts suggest a shift towards a multipolar world economy and a challenge to the traditional international financial system.

BRICS Expansion and Economic Impact

In January of this year, BRICS welcomed Egypt, Ethiopia, Saudi Arabia, the United Arab Emirates (UAE), and Iran as new members.

This expansion has increased BRICS' economic scale to surpass that of the G7 (Japan, USA, UK, Germany, France, Italy, and Canada).

The developments, especially the discussions and decisions at the BRICS summit in October, are being closely watched.

Observers are keen to see how this platform will materialize, its potential influence, and its impact on the global economic structure.