BRICS: 159 Countries Eyeing Russia's New Payment System
BRICS member Russia confirmed that the country is building an alternative to the SWIFT payment system without integrating the US dollar. The new payment mechanism will settle cross-border transactions in local currencies making BRICS and other developing countries sideline the US dollar. Watcher Guru had recently reported that 20 countries are already on board to initiate transactions in local currencies when Russia ’s new payment system is out. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: BRICS: US Allies Are Downsizing The Dollar in Central Banks BRICS: Russia Plans To Pitch New Payment System To 159 Countries Source: Reuters In the latest update, Russia , with the help of BRICS , is planning to pitch the new payment system to over 159 countries around the world. The 159 countries hail from the global south, Asia, Africa, and Latin America, and include other developing countries globally. Russia pl...