What is the BRICS payment system? A decentralized payment system that allows sovereign countries to trade and make payments in their own currency. Outside of sanctions that might be imposed by other countries with another type of payment system. Currently in the majority of international trades the US dollar acts as a go-between from one country to the next. Requiring trades to be settled in US dollars, hence demand for the US dollars helps to maintain an arbitrary value for exchange rates with the fiat currency. (Fiat money is a type of government-issued currency that is not backed by a precious metal, such as gold or silver, nor by any other tangible asset or commodity. Wiki)
BRICS PAY - Wiki
BRICS PAY or BRICS Pay is a decentralized and independent payment messaging mechanism system that is affiliated with the BRICS organization.[1][2]
The project is a joint venture developed by the BRICS member states to receive and make payments in their own local currencies.[3][4][5][6] The venture was launched in 2018 by the BRICS Business Council. The team that cooperatively runs BRICS PAY consists of financial, banking technology experts from the four founding nations of BRICS, as well as South Africa. The purpose of BRICS PAY is to make international payments more safe, transparent, less costly and complicated, encouraging international cooperation between the quickly expanding BRICS members.[7]
On October 23, 2024, China has fully backed BRICS PAY.[1
BRICS PAY will feature a decentralized Cross-border messaging system (DCMS), developed by scientists of the Center of Saint-Petersburg State University of Russia. DCMS operates, transparently, without any central owner or hub. Participants manage their own nodes, allegedly making the system resistant to external abuse, control or interference.
https://en.wikipedia.org/wiki/BRICS_PAY
If we lost the dollar... That would make us a third world country and we can't let it happen.
Trump makes a number of interesting statements in regards to why sovereign countries should not being allowed to trade with their own currency.
- 1:16 mins If we lost the dollar continuing as the world's currency I think that would be the equivalent of losing a war. That would make us a third world country and we can't let it happen.
- 2:00 mins If you don't honor the dollar as the world's currency..... that's OK I am going to put tariffs all over your products.
- 3:01 mins And these countries like Russia. It's going out now and doing its own thing and ya know they're going out bragging about how they don't need us anymore. etc etc...
8 Sep 2024 Trump Raises Alarm Over De-Dollarisation Push; ‘Will Be Like Losing A War…’ | US Elections - Hindustan Times
25 Oct 2024 - BRICS Pay: All About The Biggest Danger To Dollar & And How India’s UPI Comes Into Play | Putin - Hindustan Times
If America needs more US dollars do they just need to add a zero to the balance sheet of the Fed? Trump threatens BRICS with 100% tariffs if BRICS tries to move away from the US dollar. You could call it an acknowledgment that the US might be worried about systems that moves away from the effectiveness of the dollar and sanctions from the West for US foreign policy. Of course, the threats from a US decision is exactly the reason why other countries might not feel safe with staying with the dollar and payment systems.
1 Dec 2024 -TRUMP Threaten BRICS countries with 100% Tariff for Dedollarization: - Fastepo
2 Dec 2024 - Kremlin responds to Trump’s BRICS threat
Spokesman Dmitry Peskov has warned that the US president-elect’s warning will only accelerate desire to abandon the dollar
The use of national currencies in trade is becoming increasingly common, as more states seek alternatives to the dollar, particularly in light of Western sanctions and the weaponization of financial systems.
Peskov also referred to statements by Russian President Vladimir Putin during the BRICS summit in Kazan in October, where he pointed out that while Russia hasn’t “rejected” the dollar, it has had to find alternative financial systems to circumvent Western control over global financial infrastructure.
https://www.rt.com/russia/608569-peskov-trump-brics-threat/
2 Dec 2024 - Kremlin says Trump threat to BRICS nations over US dollar will backfire
MOSCOW, Dec 2 (Reuters) - The Kremlin said on Monday that any U.S. attempt to compel countries to use the dollar would backfire after U.S. President-elect Donald Trump threatened to impose tariffs on BRICS countries if they created their own currency.