Payment Infrastructure a Priority for BRICS: Russian Diplomat Signals Shift

According to a Russian diplomat, new payment infrastructure will be a priority topic to discuss among the BRICS nations at the summit in Kazan. As the BRICS bloc seeks greater financial independence, overcoming cross-border payment challenges is paramount. The Deputy chief of mission MOSCOW, Jan. 30 (Xinhua) reports that Russia is discussing with other BRICS countries the interaction of national systems for transmitting financial messages. This initiative underscores the bloc's commitment to establishing alternative financial pathways.

While KAZAN, Russia (Reuters) acknowledges that cross-border payments for trade between BRICS countries are experiencing problems, Sergey Ryabkov, Russian Deputy Foreign Minister and BRICS Sherpa, emphasizes that creating BRICS own system of payments and settlements is not hypothetical, but real. This signals a decisive move towards tangible solutions.

Russia is spearheading BRICS’s push for a cross-border payment system using national currencies and digital assets. This initiative aims to strengthen BRICS’s financial resilience and reduce reliance on traditional Western-dominated systems. BRICSa unified payment system and financial infrastructure have already been created, providing a foundation for further development.

On the eve of the BRICS summit in Kazan, various forecasts were made about potential advancements in payment systems. The central bank governor is actively involved in exploring mechanisms to streamline financial transactions within the BRICS network, suggesting a concerted effort to address existing bottlenecks and pave the way for a more efficient and integrated payment landscape. The focus on digital assets hints at innovative solutions being considered to facilitate seamless and secure transactions between member nations.