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Dam Press:
Russia’s Federation Council Speaker Valentina Matviyenko said she hoped the BRICS group would announce a date for launching a unified financial transfer system to replace the SWIFT system at a summit planned in Russia.
She said at a press conference on the work results of the parliament’s spring session that the introduction of an independent remittance system by BRICS countries has gone beyond the theoretical framework and entered the implementation stage.
She noted that BRICS leaders plan to discuss the system and its launch timeline at a summit in Kazan, Russia, next October.
The BRICS countries are moving to expand payment transactions in their own currencies, moving away from the U.S. dollar and abandoning the “SWIFT” banking communications system, which is controlled by the United States and prohibits transfers from countries and companies not controlled by the United States. Like.
The organization, whose members include Russia, China, Brazil, South Africa, India, Saudi Arabia, the United Arab Emirates, Egypt and Ethiopia, plans to establish an international payment system “BRICS Pay” based on “blockchain” technology, i.e., digital assets.
One of the main goals of the BRICS countries is to abandon the US dollar in business transactions and use national currencies.
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