Video Infoblog: Shocking! 159 Countries Adopting BRICS New Payment System! What's Next?
VIDEO #brics
Do you know what shocks will be given to the West at the Brics Summit 2024? As of now, the world seems to be busy with broader political issues. However, Brics has been working secretly and as of now, it not only has put a new payment system in place but is attracting hundreds of countries.
It’s just unbelievable that 159 out of the 195 countries of the world have already committed to adopting this new Brics payment system. What does that mean for the West-dominated SWIFT payment system? What are these countries that are joining hands with Brics against the West’s bullying payment system?
do you know what shocks will be given to the West at the brics summit 2024 as of now the world seems to be busy with broader political issues however brics has been working secretly and as of now it not only has put a new payment system in place but is attracting hundreds of countries it's 159 out of the 195 countries of the world have already committed to adopting this new bricks payment system what does that mean for the West dominated Swift payment system what are these countries that are joining hands with bricks against the West bulling payment system in this video let's learn about everything that is bringing nightmares to the West so what's the story until now countries around the world have never been serious about considering the adoption of any other payment system than Swift therefore earlier when there were talks about bricks developing and working on finding an alternative it was considered impractical that's because it was hard to believe a new alliance would make 195 countries in the world choose new untested options but guess what has happened today 159 countries around the world are waiting for bricks to make its payment system live so they can adopt it this new bricks payment platform is designed to facilitate trade among member countries without relying on the US dollar marking a major advancement in their dollarization strategy this initiative could be a game Cher not just for brics Nations but also for many other countries looking to reduce their dependence on the dollar in recent years brics has been actively working to decrease its Reliance on the dollar particularly in response to Western sanctions against Russia the creation of this payment system is a clear push toward promoting the use of local currencies and alternative settlement methods for international trade we are seeing that despite initial doubts the concept has gained considerable momentum elvar NE Alina governor of Russia's Central Bank clearly said that this new system will provide an alternative to Swift the globally dominant Financial messaging Network to make things easier to understand for those who believe Swift cannot be replaced she said that similar systems are already in place in other countries the success of this system will largely depend on the technical Readiness and interest of the participating Nations and in this case new participants are waiting in line to adopt the new payment system Victoria pinova head of Russia's brics presidency Council highlighted that developing this payment mechanism has become a top priority for the alliance for many this comes as a surprise because until now brics has been denying that it's developing a new payment system she explained that the system is intended to make trade and economic exchanges between brics countries more independent this initiative is Central to the agenda for the upcoming brics 2024 Summit once the brics payment system is launched it is expected to be operational immediately potentially expanding trade opportunities within the alliance with many nations eager to join bricks this new system could become a Cornerstone of their economic strategies offering a viable alternative to the us-dominated financial order but how has Iran entered the debate and made the West nervous Nasser Kanani The spokesperson for Iran Ministry of Foreign Affairs has put forward a proposal to link the payment systems of all bricks Nations to streamline and enhance the efficiency of financial settlements between these countries that's because Ain has the experience and expertise to survive despite facing strict sanctions it knows how to bypass Swift and continued trade making economies sanctions proof Canan pointed out that the current geopolitical environment is right for such an initiative particularly as bricks countries are increasingly moving their trade payments to National currencies therefore Iran is pushing for a deeper integration of the economic systems within the brics block the proposed plan involves connecting the existing Payment Systems of these nations which would allow for smoother and more seamless Financial transactions across the block after this the payment infrastructure will be expanded and more countries will be added in a recent press conference Canan highlighted the successful integration of the Russian and Iranian Payment Systems as a model that could be expanded across the entire Pricks block he emphasized that the conditions are already in place to advance this initiative and noted that Iran has formally suggested to Russia that this payment system integration be extended to all bricks countries but what is this payment system that even the Western allies cannot ignore here's a reminder to please like and share the video and subscribe to our channel to watch more videos on Africa's Jew politics economy and changing landscape let's continue now even if the names of the 159 countries willing to adopt bric's new payment system have not been revealed it's obvious that they include Western allies according to statements from different meetings between brics members the new payment system is being referred to as the brics bridge it is being designed to facilitate crossborder transactions without the need for the US dollar this initiative seeks to enable trade settlements in local currencies reducing dependence on the dollar and potentially replacing the US controlled Swift system the proposed payment system would function independently allowing member nations to conduct trade using their own currencies challenging the traditional dominance of the US dollar and the Western Swift system as of now progress is being made with ongoing discussions among central banks and finance Ministries across all brics countries including the newly joined members and what will happen if these 159 countries adopt Brick's new payment system put simply it will be the end for Swift and the dollar the West's Global dominance has long been built on its control over the international economy with two key tools at its core the Swift payment system and the US dollar Swift functions as the backbone of global Finance providing a secure messaging Network that Banks and Financial institutions rely on for international transactions connecting over 11,000 institutions in 195 countries Swift is Central to the global economy in 2020 the network facilitated around 42 million messages per day enabling the movement of trillions of dollars across borders meanwhile the US dollar holds its status as the world's primary Reserve currency by 2022 the dollar accounted for nearly 60% of global foreign exchange reserves and was involved in about 88% of All Foreign Exchange transactions this dominance means that most International Trade particularly in key Commodities like oil is priced and settled in dollars ensuring a constant Global demand for the currency this demand in turn grants the United States significant leverage over global economic and financial systems these tools have allowed Western Nations especially the United States to wield sign ific influence over Global Financial systems often leveraging economic sanctions to advance their geopolitical goals it can put sanctions on any country it wants without getting approval from anyone and it's quite ironic in reality countries using the dollar and Swift are actually doing the United States a favor however the United States uses it as leverage because countries do not have any alternative to Swift until now when the West imposes sanctions cutting off a Target targeted Count's access to the Swift network is often one of the most effective measures this move essentially freezes the country's assets and prevents it from engaging in international trade this can its economy for instance after Russia annexed Crimea in 2014 and later invaded Ukraine in 2022 the West imposed severe sanctions that included disconnecting some Russian Banks from Swift this significantly disrupted Russia's ability to conduct International fin Financial transactions and trade in response to these sanctions and to reduce their vulnerability to Western Financial pressure Russia along with its brics Partners has been actively developing an alternative Financial system and they have more chances of being succeeded because brics is a significant force in the global economy representing about 41% of the world's population and nearly 37.3% of global GDP as of 2024 their Collective influence in global trade is substantial and a move away from the dollar could have far-reaching implications for the international monetary system brics countries have already begun trading among themselves in local currencies reducing the global demand for the US dollar an example of this shift is Russia's system for transmitting Financial messages spfs developed after 2014 therefore if the brics bridge gains widespread adoption it could greatly diminish the West's ability to use economic sanctions as a foreign policy tool countries that trade using their local currencies outside of the dollar dominated system would be less vulnerable to Western sanctions this shift could lead to a more balanced Global Financial system where power is more evenly distributed among various Global players reducing the United influence moreover moving away from the US dollar could have significant economic repercussions for the United States stes the global demand for dollars has allowed the US to maintain large trade deficits and sustain high levels of national debt if this demand declines it could lead to an oversupply of dollars weakening the currency's value and potentially destabilizing the US economy during this time bricks will be rising as the only suitable option for even the strongest of United States allies isn't it true that after the brics summit the bricks payment system will become a de facto choice of the world what do you think Will the west get any chance to Lobby against the bricks payment system in the comment section right below share your thoughts on when you were seeing Swift and the dollar to be the things of the past do you want to watch more videos like this one if yes subscribe to our Channel and press the Bell icon next to it we have decided to bring videos on something nobody talks about African politics economy and increasing power thanks for watching and until the next video stay tuned tell us what you think in the comment section like and share the video and subscribe so that you don't miss any of our African videos it's the best way
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