BRICS Updates Payment System Plans: Aims to Challenge U.S. Dollar by 2025
At the 2024 BRICS Summit, the economic alliance provided an update on its planned payment system and reaffirmed its goal to challenge the U.S. dollar in 2025. While many anticipated that BRICS would introduce a major de-dollarization initiative this year, the launch of the BRICS Pay platform was delayed. Russian President Vladimir Putin commented on the project, suggesting it may not be an immediate priority; however, recent statements indicate that work on a similar platform is likely to continue.
**BRICS Payment System Expected in 2025?**
During the BRICS Business Forum in Moscow, the alliance showcased a BRICS Pay platform featuring pre-loaded cards branded with the BRICS logo, hinting at an imminent announcement. While no formal launch took place, a recent statement confirmed that development efforts are still active, focusing on a new payment system to reduce reliance on the U.S. dollar.
Russian Foreign Minister Sergey Lavrov recently addressed the project's progress, stating that under Russia’s leadership, work began on new payment platforms, and Brazil is expected to continue these efforts in 2025. Lavrov emphasized that challenging the dominance of the U.S. dollar remains a central objective, with Russia committed to leveraging its influence as a major global economy.
**BRICS Payment System Expected in 2025?**
During the BRICS Business Forum in Moscow, the alliance showcased a BRICS Pay platform featuring pre-loaded cards branded with the BRICS logo, hinting at an imminent announcement. While no formal launch took place, a recent statement confirmed that development efforts are still active, focusing on a new payment system to reduce reliance on the U.S. dollar.
Russian Foreign Minister Sergey Lavrov recently addressed the project's progress, stating that under Russia’s leadership, work began on new payment platforms, and Brazil is expected to continue these efforts in 2025. Lavrov emphasized that challenging the dominance of the U.S. dollar remains a central objective, with Russia committed to leveraging its influence as a major global economy.