His reaction comes in response to the growing influence of BRICS Pay which is a cross-border payment system designed to let BRICS nations trade directly in their local currencies, without using the US dollar as an intermediary.
This development directly threatens the foundations of America’s financial dominance. For decades, global trade has relied on the US dollar, giving the United States two major advantages: constant demand for its currency, and control over international transactions through systems like SWIFT.
BRICS Pay aims to reduce both dependencies. By settling trades in local currencies like the rupee or the real, countries can avoid conversion costs, delays, and political interference.
India, as the incoming BRICS President, is expected to lead the rollout of this system, building on its success with UPI, now the world’s fastest payment platform.
This is more than a financial innovation. It’s a signal of shifting power in global economics.
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Дата на публикация: 23 юли, 2025
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