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The new payments messaging system, also known as Brics Bridge and Brics Clear, would be aimed at providing genuine alternatives to the US dollarwhich remains BRICS has called the US dollar-dominated SWIFT global payment system “unfair and costly”. The majority of countries, including BRICS settle global trade in the US dollar using the SWIFT With Russia taking the lead, the BRICS bloc is talking about creating a new payment system that isn’t controlled by the United States and that is not dependent on the dollar. BRICS criticizes the SWIFT system for favoring the US dollar, calling it unfair and expensive. The system’s fees and exchange rate markups, ranging from 3-5% BRICS member Russia confirmed that the country is building an alternative to the SWIFT payment system without integrating the US dollar. The new payment mechanism will settle The global financial landscape is poised for a seismic shift as news emerges that 159 out of 193 countries have signed up to use the new BRICS settlement system, a

BRICS Developing SWIFT Alternative: Is the US Dollar\'s Dominance Under Threat?

The BRICS nations (Brazil, Russia, India, China, and South Africa) are actively working on a new payment system to challenge the established order of international finance. BRICS has called the US dollar-dominated SWIFT global payment system “unfair and costly,” fueling the urgency behind this initiative.

Why BRICS Wants an Alternative to SWIFT

BRICS criticizes the SWIFT system for favoring the US dollar, calling it unfair and expensive. The system’s fees and exchange rate markups, ranging from 3-5%, add significant costs to international transactions. The majority of countries, including BRICS, settle global trade in the US dollar using the SWIFT system, making them vulnerable to US-imposed sanctions and policies. With Russia taking the lead, the BRICS bloc is talking about creating a new payment system that isn’t controlled by the United States and that is not dependent on the dollar.

BRICS Bridge: A New Payment System Emerges

The new payments messaging system, also known as Brics Bridge and Brics Clear, would be aimed at providing genuine alternatives to the US dollar. BRICS member Russia confirmed that the country is building an alternative to the SWIFT payment system without integrating the US dollar. The new payment mechanism will settle...

Is the Global Landscape Shifting?

The global financial landscape is poised for a seismic shift as news emerges that 159 out of 193 countries have signed up to use the new BRICS settlement system, a testament to the growing dissatisfaction with the existing dollar-centric framework. This widespread adoption indicates a potential move away from US dollar dependence and a greater diversification of global trade settlement.

Will BRICS Succeed in Challenging SWIFT?

The development and implementation of a viable SWIFT alternative by BRICS is a complex undertaking. However, the commitment to de-dollarization and the growing international support suggest a significant challenge to the current system, potentially reshaping the future of global finance and reducing reliance on a system many view as unfairly favoring the US dollar.

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