For several years, Russia and other BRICS member nations have been working on an alternative to the Western-controlled SWIFT international settlement system.
New payment system the priority theme of upcoming BRICS 2024 Summit Viktoria Panova, the head of Russia's BRICS Presidency Council, also commented that the priority issue at the upcoming BRICS 2024 Summit in October is the new BRICS payment system.
Elvira Nabiullina, the governor of Russia's central bank, says 159 countries are ready to adopt the new BRICS payment system once it goes live.
Russia was banned from SWIFT following its invasion of Ukraine, but now there is a new system emerging from BRICS that threatens to make SWIFT obsolete.
The West's continued sanctions on Russia have only hastened the speed at which Russia is developing this new BRICS payment system.
"Similar infrastructure exists in some other countries," Nabiullina commented.
If the new payment system is a success, it will render Federal Reserve Notes (FRNs) obsolete as well.
https://www.naturalnews.com/2024-08-20-petrodollar-159-countries-adopt-brics-payment-system.html
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