Rough workarounds for dollar hegemony have become first-class global payments and transactions systems. From Birch Gold Group at birchgold.com:
If you don’t already realize that dedollarization is happening, there’s no clearer proof than BRICS Pay. BRICS Pay is a new blockchain-based payment system that enables members of the BRICS countries (Brazil, Russia, India, China, and South Africa) and their partners to make financial transactions in a whole new way.
Prior to BRICS Pay, residents of these countries had limited choices in how they would make purchases, trade, and take loans from outside of their country. The dollar has been the “overwhelming” choice for international trade for decades, serving as the primary medium of exchange. That’s been a problem for countries who have faced sanctions on SWIFT, the international currency platform owned by the Western economic bloc.
Removing the potential barriers created by SWIFT has been a driving factor in the progression of BRICS Pay, with the dollar gradually sliding into the backseat of global trade as a result.
The adoption of BRICS Pay across member states and partnered institutions has been rapid and dramatic. One of the largest banks in Russia, Sberbank, has already integrated BRICS Pay, as has the Bank of China and the State Bank of India. But it’s not just the players you might expect – it’s also Standard Chartered bank in the UK, e-commerce giant Alibaba, and Brazilian retail company Petrobas, along with dozens of others. Mobile apps enabling BRICS Pay are popping up on phones all over the world every second.
With that said, it’s clear that it’s not just BRICS constituents (representing 42% of the world’s population) who are adopting the new payment system, it’s everyone who wants to do business with them, too.
