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<p>An essential matter on the agenda for BRICS members at their imminent summit is the possible creation of an inter-BRICS payment system aimed at reducing dependency on the US dollar. Concerns have arisen regarding the US's use of the dollar as a weapon, particularly following its move to confiscate Russian assets during the ongoing conflict with Russia, which has unsettled central banks globally. Although de-dollarization may take years to fully implement, the trend has already commenced.</p>
<h2 class="p1">BRICS Advocates for Digital Payment System in Response to US Dollar's Decline</h2>
<p class="p1">The BRICS countries are proactively looking for substitutes to the US dollar, motivated by various economic pressures. The situation intensified in December when the US enacted “strangulation sanctions” against Russian banks, prompting Turkey and China to sever connections with Russia. This had a drastic effect on Russian trade, and subsequent sanctions in June that targeted Moscow’s currency exchange compelled Russia to cease dollar transactions. Consequently, Russia experienced a liquidity crisis in yuan, the new currency for foreign trade adopted after its shift to the Chinese currency in 2022. In light of these challenges, Russia's financial authorities deemed a digital currency solution necessary.</p>
<p class="p1">On a global scale, the US dollar’s supremacy has been diminishing, recently hitting a 30-year low in worldwide reserves. Russia, having divested much of its dollar reserves before the conflict with the West, now maintains approximately $300 billion in reserves, mostly in yuan and gold. In response, central banks around the world have increased their gold reserves, driving prices to unprecedented levels.</p>
<p class="p1">In a similar fashion, China has decreased its holdings of US Treasury bonds, falling from $1.1 trillion in 2021 to $835 billion by mid-2023. It has also been diversifying its reserves by investing in gold, euros, and other currencies to prepare for possible confrontations with the US. Both Russia and China are moving towards trade settlements in their national currencies, with bilateral trade reaching $186 billion in the first half of 2024. They plan to even restart barter trading to circumvent monetary systems and limit exposure to US sanctions.</p>
<p class="p1">Within this context, BRICS nations are considering the implementation of a non-dollar currency for trade, with plans for a BRICS coin looming. Russia has already initiated the necessary measures by passing legislation to manage digital currencies and executing its first international trade deal using cryptocurrency. The proposition of a blockchain-based BRICS payment system emerged in early 2024, aiming to utilize digital currencies and blockchain technology to lessen reliance on the US dollar. Nonetheless, persuading other nations to embrace this system may prove challenging, though the interest shown by the Global South indicates a potential for success.</p>
<h2 class="p1">A Significant Step Toward Financial Independence in BRICS</h2>
<p class="p1">The BRICS economic alliance has made a notable advancement with the launch of its much-anticipated BRICS Pay system. During <a href="https://brics-russia2024.ru/en/events/forumy-konferentsii/delovoy-forum-briks/">the BRICS Business Forum</a> in Moscow, attendees were introduced to newly issued cards, symbolizing the start of a project that had been in development for considerable time. The demo cards were distributed among forum participants, marking the introduction of this crucial financial tool.</p>
<p class="p1">According to reports from Russian State Media, these demo cards were pre-loaded with 500 rubles, allowing their use at three specific locations within the World Trade Center. Forum attendees could utilize the cards during the two-day event, held on Thursday and Friday, demonstrating how the payment system might operate in practical situations.</p>
<p class="p1">For the past two years, the BRICS bloc—comprised of Brazil, Russia, India, China, and South Africa—has been striving to enhance financial independence. A key aspect has been diminishing reliance on Western currencies, particularly the U.S. dollar, through a process referred to as de-dollarization. The reveal of BRICS Pay comes just one week before the bloc’s annual summit, highlighting considerable progress towards these aims.</p>
<p class="p1">At the Business Forum, participants were shown the demo version of the BRICS Pay card, which is linked to a blockchain-based system. The cards were pre-loaded for usage by attendees, enabling them to make purchases limited to beverages and souvenirs, providing a preview of how the system might function once fully operational. Registration for the card can be done via a QR code, reflecting the system’s modern technological features.</p>
<h2 class="p1">Anticipating the Full Launch at the BRICS Summit</h2>
<p class="p1">The <a href="https://brics-pay.com/">BRICS Pay system’s</a> complete launch is expected to occur during the upcoming BRICS 2024 Summit, which is fast approaching. The summit is likely to offer an in-depth understanding of the payment system, detailing key participants and its overarching functionalities. As the BRICS alliance aims to boost local currency trade, the introduction of BRICS Pay signifies a strategic effort to contest the US dollar's prominence in global trade.</p>
<p class="p1">This development presents a considerable opportunity for the Global South, as the system could pave the way for greater financial independence and lessen reliance on Western financial frameworks. The official launch at the summit will clarify how BRICS Pay aims to assist the bloc in achieving its long-term objectives of economic sovereignty and enhanced collaboration among member nations.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true" wp_automatic_readability="7.2185430463576">
<p lang="en" dir="ltr">BREAKING: BRICS officially unveils a new demo of its payment system, BRICS Pay. <a href="https://t.co/DOrPC21uaS">pic.twitter.com/DOrPC21uaS</a></p>
<p>— BRICS News (@BRICSinfo) <a href="https://twitter.com/BRICSinfo/status/1846931695359991993?ref_src=twsrc%5Etfw">October 17, 2024</a></p></blockquote>
<h2 class="p1">FreeDum Fighters – Crypto Presale Featuring Political Staking and Rewards</h2>
<p class="p2">As the U.S. elections draw near, the crypto landscape has witnessed an emergence of politically themed memecoins, with <b>FreeDum Fighters</b> standing out as a notable project in this genre. What sets FreeDum Fighters apart is its debate reward mechanism, where users can engage in discussions on political topics and earn airdrops for successfully winning debates. This creates an interactive environment for community engagement and earning.</p>
<p class="p2">Beyond debates, FreeDum Fighters introduces a staking model that allows users to stake $DUM tokens to support one of two satirical personas: Kamacop or Magatron, inspired by actual political figures. Staking rewards are dependent on the character's popularity, empowering users to make strategic choices based on current trends.</p>
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<p class="p2">The project has quickly gained traction, supported by an active and expanding community on social media. This robust community backing often signals promise for presale ventures. Additionally, FreeDum Fighters has successfully passed audits from Coinsult and SolidProof, providing an extra layer of trust for early investors.</p>
<p class="p2">With a presale price of only $0.00005, the project offers an affordable entry point. Its roadmap aligns perfectly with the U.S. elections, presenting an opportunity for growth as political discussions intensify. As FreeDum Fighters continues to generate interest, it presents a timely opportunity for investors to engage early, with staking rewards and an active community being key attractions.</p>
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</div><script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>BRICS Launches Payment System to Achieve Financial Independence[embed]https://www.youtube.com/watch?v=UUXXePpT78g[/embed]
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