BRICS PAY

The BRICS nations recently released a demo of its new international payment system, BRICS Pay.

James Roguski

Oct 21, 2024

134

Please watch the video below:

https://www.youtube.com/watch?v=bV1iaDkoHSI

Earlier this year five nations (Saudi Arabia, Egypt, the United Arab Emirates, Iran, and Ethiopia) joined the current BRICS nations (Brazil, Russia, India, China and South Africa).

Russian President Vladimir Putin has downplayed the prospect of a common BRICS currency, advocating a cautious approach due to economic disparities among member states. Instead, the 10-nation bloc is developing BRICS Pay, which is a decentralized, independent and clear move away from the SWIFT payment system.

This new payment system is rolling out as the BRICS nations gear up for the sixteenth BRICS Summit, which is set to take place from October 22-24, 2024 in Kazan, Russia.

The BRICS Pay payment system represents a significant step towards reshaping the global financial landscape.

Prompted by US sanctions, some countries have been forced to look for other ways to handle international payments. BRICS Pay hopes to step in to fill that gap.

The UNIT fractal monetary ecosystem introduces a practical approach to creating essentially “apolitical money” that can be freely used as a storage of value or currency for payments via any open payment and clearing system, while providing long-term purchasing power stability. The UNIT ecosystem is proposed as a solution to the basic lack of trust problem stemming from the politicization of the use of a single global currency and constraints on its use for valuation and settlement of trade and capital flows.

WHITEPAPER: https://wp.unitfoundation.org/

The UNIT will have two value components. The formula for valuing the UNIT is 40% gold (by weight) and 60% based on a basket of BRICS currencies. By attaching a commodity to the value, it will NOT be a fiat currency like the dollar.

Importantly, assigning part of UNIT’s value to gold – and gold by weight, rather than by a fixed value of gold – means that the currency will always be backed by real-world assets, granting it a measure of stability. It also means that the value of UNIT may go up or down as the value of gold fluctuates.

The core purpose is to provide a stable, apolitical currency alternative for global trade and investment, mitigating political interference and enhancing national sovereignty.

BRICS Pay and the UNIT aim to reduce reliance on the U.S. dollar and existing Western-dominated financial systems. The proposed systems utilize a decentralized architecture, blockchain technology, and principles of fairness and transparency to create a more equitable global financial order. Financial flows are to be distributed among a certain number of participants, and not concentrated in the hands of central operators. This should reduce the risk of system failures and increase stability and transparency.

BRICS wants other countries to work with it to overhaul the global financial system and end the dominance of the U.S. dollar. About 60% of global reserves are held in U.S. dollars, 64% of global debt securities are denominated in dollars and that is not likely to change overnight.

Central to that is the proposal for a new payments system based on a network of commercial banks linked to each other through the BRICS central banks.

The system would use blockchain technology to store and transfer digital tokens backed by national currencies. This, in turn, would then allow those currencies to be easily and securely exchanged, bypassing the need for dollar transactions.

Russia sees it as a way to resolve increasing problems in settling trade payments, even with friendly countries such as China, where local banks fear they could be hit by secondary sanctions by the United States.

https://qr.brics-pay.com/

BRICS Pay QR: A standardized QR code system for retail payments in BRICS+ countries.

BRICS Pay B2B: A payment system for business transactions within the BRICS+ framework.

BRICS UNIT: A proposed unit of account for BRICS+ settlements.

BRICS Loyalty: A traveler rewards system.

BRICS CLEAR: An interstate digital settlement system for cross-border securities settlement.

Governance - The BRICS Pay Consortium: A consortium of companies operating without forming a legal entity, governed by a Consortium Council with representatives from each participating company, operating as a decentralized autonomous organization (DAO), manages the system. Membership is not publicly disclosed.