23 Sep 2024 8:30 pm
A common unit of account - as in The Unit, whose contours were first revealed exclusively by Sputnik.
A platform for multilateral settlements and payments in BRICS digital currencies, connecting the financial markets of BRICS members: that’s BRICS Bridge, which bears similarities with the Bank of International Settlements-linked MBridge, already in effect. That will complement intrabank systems already in action, as in Russia’s SPFS and Iran’s CPAM settling financial transactions – and 60% of their trade - in their own currencies.
A blockchain-based payment system that entirely bypasses the US dollar: BRICS Pay. Arguably 159 participants may be ready to adopt this sanction-evading, similar-to-SWIFT mechanism right away.
A settlement depository (Clear).
An insurance system.
And crucially a BRICS rating agency, independent from the Western giants.
Pepe Escobar: Will a BRICS Bretton Woods Take Place in Kazan? (sputnikglobe.com)
A platform for multilateral settlements and payments in BRICS digital currencies, connecting the financial markets of BRICS members: that’s BRICS Bridge, which bears similarities with the Bank of International Settlements-linked MBridge, already in effect. That will complement intrabank systems already in action, as in Russia’s SPFS and Iran’s CPAM settling financial transactions – and 60% of their trade - in their own currencies.
A blockchain-based payment system that entirely bypasses the US dollar: BRICS Pay. Arguably 159 participants may be ready to adopt this sanction-evading, similar-to-SWIFT mechanism right away.
A settlement depository (Clear).
An insurance system.
And crucially a BRICS rating agency, independent from the Western giants.
Pepe Escobar: Will a BRICS Bretton Woods Take Place in Kazan? (sputnikglobe.com)