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U.S. Banks to STOP BRICS new Payment System: What Next?
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The BRICS nations Brazil, Russia, India, China, and South Africa are spearheading an interbank payment system to reduce reliance on the U.S. dollar and SWIFT, reshaping global finance. By facilitating transactions in local currencies, this initiative lowers costs, boosts trade, and challenges the dominance of Western financial systems.
Key features include the BRICS Interbank Cooperation Mechanism (ICM), which enables credit extensions in local currencies, and cross-border payment platforms utilizing blockchain and CBDCs to bypass dollar-centric networks. These advancements aim to foster financial independence and economic resilience among BRICS nations.
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NOTE: The content on this channel is for Educational and Entertainment purposes only. Although we strive for accuracy using publicly available sources and general research, the content may not always reflect the most current information. We recommend that viewers consult other reputable sources before making any decisions based on this content.
Key features include the BRICS Interbank Cooperation Mechanism (ICM), which enables credit extensions in local currencies, and cross-border payment platforms utilizing blockchain and CBDCs to bypass dollar-centric networks. These advancements aim to foster financial independence and economic resilience among BRICS nations.
____________________
NOTE: The content on this channel is for Educational and Entertainment purposes only. Although we strive for accuracy using publicly available sources and general research, the content may not always reflect the most current information. We recommend that viewers consult other reputable sources before making any decisions based on this content.
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