'BRICS Bridge' To Replace SWIFT and End Dependency on the US Dollar
BRICS is looking to create a new payment system for cross-border transactions without incorporating the US dollar in the mechanism. The payment system will embody local currencies for trade settlements and end reliance on the US dollar. The new payment mechanism is termed ‘ BRICS Bridge’ and is looking to re place the US SWIFT system and cut ties with the dollar. Also Read: BRICS : US Markets Could Face Substantial Losses, Analyst Declares The ‘ BRICS Bridge’ is Russia’s idea and the Putin administration will discuss the prospects and development with the other member countries. The concept will most likely be addressed in the upcoming summit in October this year which is held in the Kazan region of Russia. BRICS Bridge To Challenge SWIFT & the US Dollar Source: Reuters The payment system will be a standalone mechanism with mutual currencies being traded for settlements among member nations. The US dollar will find no place in the ‘ BRICS Bridge...