The BRICS PAY project proceeds despite voltage and technical obstacles
To sum up this article with:
Face in the face of the global financial system, dominated by Washington, BRICS accelerates the implementation of an alternative payment network: BRICS PAY. This project, supported by a block widespread to ten countries, intends to reduce dependence on fast and American sanctions. More than just a technical initiative is a strategic bet on the transformation of the World Cash Order and confirmation of financial sovereignty in the world that has become a multipolar.
In short
- BRICS are working on BRICS PAY settings, an alternative payment system designed to reduce the dollar dependence and fast.
- The prototype was introduced in Moscow in 2024, based on decentralized and interoperable architecture, without compulsory costs.
- The system is based on the existing national infrastructure (SPFS, CIPS, PIX, UPI), but its integration remains partial at this stage.
- BRICS PAY could pretend to new multipolar monetary architecture, although its complete deployment remains dotted with technical and political obstacles.
Production Architecture: Basics BRICS Pay
In October 2024, the prototype Brics Pay was unveiled in Moscow, which showed a specific procedure for creating a non -western payment system.
BRICS PLAY, presented as a decentralized financial report protocol, is designed to allow local coin transactions between the members of the block and liberate from the SWIFT network.
According to the GIS report, the Open-source system, without compulsory costs, is able to manage up to 20,000 messages per second. It is based on technical architecture focused on interoperability between national networks without storing centralized control. The principle is clear: each country manages its own node while maintaining compatibility with the entire network.
The pillars of this ambitious project consist of existing Member State infrastructures. Here are the main elements that make up the BRICS technical framework:
- Russia: SPFS (financial report transmission system), direct alternative to Swift;
- China: CIPS (cross -border interbank payment system) associated with Unionpay;
- India: UPI (Unified Payments interface), large -scale payment system;
- Brazil: Pix, successful public platform, often cited as an example of innovation;
- Common Objective: Integration of these networks through standardized protocols to ensure the fluency of transactions between bricks.
Despite this solid base, no unified or fully functional version of the system has seen daylight. The work of connection between SPF and other platforms is still in the pilot phase.
Many technical challenges need to be solved: standardization of messages, transfer safety, effective interoperability and adherence to regulatory frames for each state. At this stage, the PAY BRICS project remains more than an operating tool.
A tool of sovereignty face to face American sanctions
In addition to technical questions, this project is part of the political logic of attacking American financial hegemony. The strategic use of the dollar as a lever for sanctions, especially against Russia and Iran, supported the will of the countries of the global South to build a parallel network.
The freezing of Russian reservations after the invasion of Ukraine in 2022 served as an electroshococ. This situation was perceived as a warning of many developing powers that consider it fragility when exposed to the dollar system.
In this context, the pressures developed by Donald Trump, which returned to power with aggressive rhetoric, strengthened the cohesion of BRIC. The US President threatened to save customs duties that can reach 100 % on any nation that accepts a common BRIC currency, and another 10 % in the event of alternative dollar systems.
Paradoxically, these measures have accelerated the search for alternatives. In 2024, 90 % of Russian trade with other BRICS block members were already carried out in local currencies. India intensified its bilateral bilateral agreements with China and Emirates, while Brazil strengthened her financial cooperation with Beijing.
These movements are not yet an offensive coordinated against the dollar, but indicate that the will of several main economies has autonomous, even fragmented exchange mechanisms.
In the short term, the completely integrated system seems to be out of reach, due to the diversity of regulations, the non -convertibility of certain currencies and inner geopolitical rivalry. However, the idea of BRICS currency for business regulations, supported by a basket of currencies or raw materials, raises a growing interest. This type of tool, halfway between technological innovations and a diplomatic compromise, could be a bridge for progressive disintermediac dollar without causing an immediate system shock.
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A graduate of the Toulouse and the Blockchain Consultant Certification certification holder and I joined the adventure of Cointribuna in 2019. I convinced of the potential of blockchain to transform many economy sectors, committing to raising awareness and informing the general public about how the ecosysty developed. My goal is to allow everyone to better understand blockchain and take the opportunity they offer. I try to provide an objective analysis of messages every day, decrypt trends on the market, hand over the latest technological innovations and introduce the economic and social issues of this revolution.
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