Brazil, which chairs the upcoming BRICS summit in 2025 confirmed that they plan on the formation of new payment systems. Under the leadership of Brazilian President Luiz Lula da Silva, the alliance will discuss alternative payment options to the US dollar. The BRICS Sherpas meeting will take the ideas forward and the upcoming 17th summit could see massive changes in the way the bloc operates and settles cross-border transactions.
Also Read: When Is the BRICS Summit in 2025?
Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. The move could lead to a paradigm shift in global trade and tilt the financial powers from the West to the East. Developing countries are looking to cut ties with the US dollar and strengthen their local currencies in the forex markets. The US dollar is in the crosshairs of a major shift that could pave the way for native currencies to take the driver’s seat of the financial markets.
Also Read: BRICS: Goldman Sachs Predicts US Dollar Will Experience a Boom
BRICS: New Payment Systems in 2025 Could Be a Reality
Brazil’s President Luiz Lula da Silva made a strong statement saying that BRICS will continue advancing the de-dollarization agenda. The President also added that under their leadership, BRICS will work towards developing new payment systems as an alternative to the US dollar.
Also Read: De-Dollarization: Economist Predicts the Future of the US Dollar
“Brazil is going during the period of its presidency to fully develop transparent and safe payment systems,” he said. The bloc will work towards launching safe payment systems to uplift their GDP and strengthen their native economies. The move will give a boost in the arm to their local currencies making businesses thrive.
The next BRICS summit is scheduled to be held in Brazil’s Rio De Janeiro on July 6th and 7th. All the nine member countries will meet at the summit and discuss policies and sign new trade deals. Details on the new payment systems could be revealed at the 17th summit in July this year.
