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BRICS launches attack on SWIFT: New payment system is being planned!
BRICS launches initiative for global payment system as a SWIFT alternative to ease geopolitical tensions.
BRICS launches attack on SWIFT: New payment system is being planned!
BRICS will soon have its own payment system! Amid growing geopolitical tensions, the BRICS alliance has given the go-ahead for a global payments platform. Russian Foreign Minister Sergey Lavrov has announced that the alliance is working on a payment system that will challenge the Western-dominated SWIFT. This move is seen as a response to the intensifying trade war, especially after the US introduced a new “Liberation Day tariff” that imposes a 10% import tax on all nations.
The US stock market is reeling as preparations are made around the world to guard against these economic developments. BRICS is a pioneer with its initiative for an independent payment system. Lavrov explained that it is about designing platforms that are free from external influence, citing the Russian Central Bank's financial messaging system as an example. Brazil, chair of the BRICS group in 2025, is leading the move away from dollar dominance and is driving the project forward.
More about the new developments at BRICS at watcher.guru.