BRICS Developing New Payment System To End Reliance on the U.S. Dollar
Russia n diplomat Roman Babushkin confirmed that BRICS is developing a new payment system to end reliance on the U.S. dollar. The new payment mechanism will use local currencies for cross-border transactions and mutual settlements among BRICS members. The development aligns with the changing global dynamics and fosters the growth of the BRICS member’s respective local currencies. Also Read: BRICS: U.S. Dollar Dominance May Be Coming to an End Babushkin also refuted Brazilian President Lula de Silva’s comments about forming a new BRICS currency to challenge the U.S. dollar. The Russian diplomat admitted that creating a new currency comes with a lot of complexities, and the bloc is not prepared for the drastic development. The formation of the BRICS currency is challenging as it involves intricacies and is difficult to translate into reality. “A BRICS payment instrument based on the currency basket would help to carry out mutual settlements without any relia...