BRICS is moving steadily toward reshaping the global financial landscape by developing an independent payment system that bypasses the U.S. dollar entirely.
In what could mark a major shift in international trade dynamics over the coming decade, member nations are aiming to reduce reliance on traditional Western-controlled platforms like SWIFT.
Russian Foreign Minister Sergey Lavrov recently confirmed that the bloc is actively building a new framework for cross-border settlements. Unlike existing systems, this one is designed to function without any involvement from the dollar, allowing transactions to be settled in local currencies instead.
Lavrov noted that the initiative is not limited to BRICS nations alone. The envisioned platform will be open to non-member countries, creating a global alternative for those seeking dollar-free trade. Brazil is reportedly championing one of the key proposals, which is now under active development.
The push to establish a neutral, decentralized settlement network reflects BRICS’ broader strategy to reduce vulnerability to external economic pressure.
With the rise of regional tensions and sanctions, particularly against Russia, the alliance views financial independence as a critical step toward long-term sovereignty. If successful, the upcoming system could disrupt dollar hegemony in global trade and offer developing economies a new path forward.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/brics-alternative-to-swift-could-reshape-global-finance/