BRICS Nations Discuss Launching "BRICS Bridge" Payment Platform to Bypass US Dollar

Central banks and finance ministries from all BRICS nations are talking about launching a new payment platform. This platform aims to bypass the US dollar, according to a report from Russian media outlet Tass.

Valentina Matviyenko, the Speaker of Russia’s Federation Council, shared some exciting news during a press conference. She mentioned that the proposed payment system, called the “BRICS Bridge,” is gaining support.

“The creation of the independent financial payment platform BRICS Bridge is now being discussed within BRICS,” she said. “I’ve spoken with the Central Bank and the Finance Ministry, and things are moving along well. We’re in talks with central banks and finance ministries from all BRICS countries, including new members.”

If this initiative works, it could have a significant global impact. Matviyenko believes that discussions might lead to a decision on approval in October. This shows that the idea is moving from concept to reality.

Russia is leading this effort, having developed its own payment system to counter Western sanctions. The BRICS group, which includes Brazil, Russia, India, China, and South Africa, was formed as an alternative to US dollar dominance.

Over the past year, BRICS has been working on a new currency that could be backed by gold. The goal is to reduce reliance on the US dollar. In 2023, BRICS expanded, welcoming new members like Saudi Arabia, Iran, Ethiopia, Egypt, and the United Arab Emirates.