This year marks the first time that BRICS—a group of five major emerging economies, now expanded to include ten members—will hold a summit since its expansion. The big event will take place from October 22 to 24 in Kazan, Russia. One of the key topics everyone is buzzing about is the new BRICS Pay system, a payment system developed to help strengthen economic ties between BRICS countries.
Russia, which is leading the group this year, has made a bold call to its partners: it wants to create a new alternative to the International Monetary Fund (IMF). Why? Russia believes the IMF is heavily influenced by Western nations, which use it to apply political pressure. By creating their own system, the BRICS countries aim to lessen that influence and become more financially independent.
The Birth of BRICS Pay
One of the most exciting developments at this summit is the BRICS Pay system. According to its official website, BRICS Pay is being developed as a “cornerstone” for payments b...
Full Access
Included:
-
Access to All Articles.
-
One Plan. No Tiers.
-
No Ads.
-
Cancel anytime.
