The BRICS alliance is taking a bold step by exploring trade payment systems that sidestep the American dollar. This year, with Brazil hosting and presiding over the meetings, countries in the bloc are embracing innovative financial mechanisms. In a groundbreaking move, a Brazilian bank, now owned by China, became the first in Latin America to use China’s Cross-Border Interbank Payment System (CIPS) for trade.
The CIPS network now connects over 1,300 financial institutions across 110 countries, offering faster, more secure, and cost-effective payment solutions. This development is energizing the global finance scene and has caught the attention of young professionals, entrepreneurs, and students. 🚀💡 As alternative payment systems like CIPS gain momentum, they signal a dynamic shift that may reshape international trade and drive a more balanced global economy.
Reference(s):
cgtn.com
