China and Russia are rallying to finish developing a new payment system for BRICs nations ahead of schedule as they see more nations’ interest in pulling forces together. Currently, 25 more nations want to join the bloc to reduce their reliance on the US Dollar.
BRICS nations to get a new payment system soon
The new yet-to-be-launched payment system developed by China and Russia will integrate the upcoming BRICS digital currency soon and get used to settling cross-border transactions. The payment system will also incorporate the Shanghai Cooperation Organization (SCO) group to transfer money internationally seamlessly.
The new payment system is set to put the block of five nations at an advantage when trading with other countries, as there won’t be any economic restrictions on what they can or cannot buy with the currency.
More nations want to join BRICS as USD remains in jeopardy
BRICS is set to become even bigger after 25 more nations showed interest in joining. The nations are seeking to be part of the economic bloc to reduce their dependence on the US dollar.
The move adds more pressure to an already affected and struggling US Dollar and other leading Western currencies like the Euro and Sterling Pound.
The 25 countries seeking to join the BRICS bloc and trade using the yet-to-be-released currency are Afghanistan, Algeria, Argentina, Bahrain, Bangladesh, Belarus, Egypt, Indonesia, Iran, Kazakhstan, Mexico, Nicaragua, Nigeria, Pakistan, Saudi Arabia, Senegal, Sudan, Syria, The United Arab Emirates, Thailand, Tunisia, Turkey, Uruguay, Venezuela, and Zimbabwe.
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