A recent tweet from crypto influencer Amelie has drawn attention to ongoing developments within BRICS regarding a new cross-border payment system.
Development of BRICS Payment System
According to the article shared in Amelie’s tweet, Russian Finance Minister Anton Siluanov stated that BRICS is evaluating financial innovations, particularly a cross-border payment system. This system could integrate national currencies, digital technologies, and digital financial assets. He emphasized that Moscow is closely monitoring advancements in financial infrastructure, noting their importance in strengthening trade and economic growth among BRICS nations.
XRP's Role in BRICS Tests
Amelie’s tweet referenced past tests of XRP by BRICS countries, though no specific details were provided regarding its inclusion in current plans. XRP has been used in various pilot programs for cross-border payments due to its speed and efficiency, making it a potential option for countries looking to move away from traditional systems.
Potential Impacts on Global Economy
If BRICS implements a new cross-border payment system, it could significantly impact global finance by reducing reliance on existing Western-controlled networks. The inclusion of digital financial assets in BRICS discussions suggests blockchain technology could play a role in their strategy. However, details on which assets or networks will be used remain unclear.
The proposed BRICS payment system could reshape global financial infrastructure, though the details of its implementation are still in discussion.
