Topic: BRICS Pay going operational is a major step in dedollarisation - page 5. (Read 1318 times)

The site is hostet at Amazon aws. Its kind of odd to host a non us Site in the US. Virginia to be exact.
And than shared hosts?
Reverse IP results for 44.219.53.183
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There are 64,383 domains hosted on this server.

I bet the site has nothing to do with BRICS and everything going for FIAT. Yours most likely .

US probably doesn't care. They continue to have a lot of countries by the balls, especially the ones who owe money to the IMF or World Bank.

However, it will be interesting to see how Russia in particular implements this. They've got no rubles left, after spending them all on fighting Ukraine, so now they've resorted to bartering rice for apples or something like that.  

PS. Any international fiat payment operation that doesn't support Visa or Mastercard in some capacity (whether internal or external) will inevitably fail, since all POS systems and ATMs usually support only those two networks. Maybe UnionPay too if you are lucky, but that doesn't have a utility outside China.

Is it even a card? And it's not yet in operation, right?

As far as I understand, it's a mobile app, an online wallet you could download and access through your smart phone. You can get it from your App store or Google play or iOS browser.

Moreover, you will fill your wallet via Visa and Mastercard.


https://youtu.be/FGA-RaRw1hU?list=TLGG833l3DCnRvwyMzEwMjAyNA

So, there you go. I'm wondering which part of it uses a decentralized blockchain and independent smart contracts. Again, it seems to me it's another fiat-based wallet which happens to cater cryptocurrencies as well.

I think, if they truly are after independent payment system, they could easily adopt Bitcoin. It's truly free from any external influence and it has a native currency whose value no country however powerful can inflate or deflate.

In the last decade I cannot recall any arrest made not even to African expresidentes. Nothing against Africa. BRICS to have juridical system is not going to work due to the 1st member Russia who wishes the system to replace SWIFT.

Unfortunately, BRICS is a system that seeks to replace Swift. Swift is an interbank system based in the US. Every money passing through there is recorded and can cause legal problems.  The very reason for some countries wishing to join.

With that reasoning do you see a juridical set up for BRICS? I doubt that very much.  

BRICS was literally designed to be able to do this, doesn't mean they have too much power to make it happen in a day but obviously they are going into a battle to make sure dollar isn't the strongest currency in the world, or at the very best case, even if it is still the best and most used, at least have lower value compared to others.

Making a stand against dollar is good for us non-Americans and I believe we could see how this could benefit us, most of the stuff in the world is with dollars, and when dollar gains value against our fiat, we already make less money than Americans so it gets harder to buy for most things. Remember, not everyone is from USA, or UK or France or Swiss etc etc where people make thousands easily, I have to work 7 months with minimum wage to be able to afford one iphone 16 pro max, meaning things are expensive around here in poorer nations, and we should consider how this could benefit us too.

Warrants to arrest are enforced mainly on African leaders and others who oppose the policies of the financiers of the UN. The majority of leaders tried and convicted by the International Criminal Court are Africans, so one will begin to wonder if the court was created for them. Meanwhile, many people who have committed genocide in Iraq, Libya and other countries are walking freely. Some countries need to leave the UN and form another organization because it has failed to achieve its goals.

Why would they? UN is a nest of failed civil servants from the 1st to the 3rd world.
They failed at home so they fail in the UN.

How many violations of human rights have led to a arrest?
The proof finding missions are especially long lasting and fruitless.

You are absolutely correct that it is going to be a slow process but I doubt it would take a decade. I read some speculation that it is going to be in full usage/adoption by 2028. The thing is that its adoption and development is getting exponentially faster.
For example 5 years ago you'd predict that it would take 50 years for BRICS to get to where it is right now. Two or three years ago nobody believed that BRICS pay can even exist.

But the more countries US sanctions and the more of their money they steal the more countries will realize they NEED an alternative. So BRICS advancement speeds up.

Europe isn't really defined in the global geopolitics when we look at the bigger picture. And the World Order that is being replaced was a unipolar world with US and only US controlled everything. So it is purely dedollarization, deamericanization and deglobalization.

Also I have to say it is not just about Russia wanting to have a say in things. It is about the rest of the world wanting to have a say in anything! Take a look at the ongoing genocide in Gaza. Can the American organizations such as United Nations prevent that? No. Can BRICS? Maybe. This is why BRICS is also evolving into being more than just some economic relations. I wouldn't be surprised to see it become an alternative to or a replacement for the UN and be an actual international organization not just an American one like the UN, IMF and others.

Congrats to the BRICS member states, but the full recognition and use will be slow. It may go fully operational in a matter of years, if not at least a decade, even as the success of converting more cooperating states to BRICS is at a snail's pace. It's Russia now, I wonder when the next country will own the first card, and after that, when the people of Russia and other countries will be interested in it for their preferred payment gateway, it has a lot to do to be prominent. If this is defeated, there is no serious use here and I see no special inference for this card.

You are right about the de-dollarization, but it's beyond, the de-Eurolization, de-poundation etc are included. This is just for Russia to have more say in the international financial system.

I have not used the card, so I don't have firsthand knowledge about how the card operates. But from the information I gathered, you wouldn't need a financial intermediary like Visa to use BRICS Pay. The main purpose of the platform is to bypass SWIFT and other Western-controlled financial systems. And it seems they will achieve it by using blockchain technology and smart contracts.

https://www.ccn.com/news/crypto/brics-unveils-new-payment-system/
https://brics-pay.com/

It's kind of good that there is an aggressive initiative to challenge the USD hegemony, at least for the sake of checks and balances. And to make sure they're always striving to maintain a top shape. BRICS Pay makes the playing field healthy. There has to be a solid alternative, perhaps even a threat, otherwise the dominant currency would be free to fail, falter, get abused, managed by incompetent people, be mediocre, and so on and so forth without the risk of being dethroned.

I don't exactly understand how the payment system specifically works or why it's unique. It appears to me it's just one among many payment apps. You download the app, connect your Visa or whatever card, and use it for payment. I don't understand which part of it is truly decentralized. The first principle they adhere to is decentralization. I wonder how it is decentralized though.

countries who have joined brics not only do not like usa but they also want to push their currency forward brics is a group of countries aiming for the dedollarization but at the end of the day each of them would want their own currency to essentially replace usd meanwhile countries who are dependent to usa will never let go of their ties with usa even if more countries push for dedollarization simply because they can't afford to lose their allegiance with the us
us became the leading currency because of many factors there was a war and also involvement of gold the pound was the leading currency until they had to borrow money so for the dollar to be replaced it will not be enough that other currencies get really close to the dollar the usa would need to suffer from economic crisis to the point that they would start borrowing money

Its not pointless at all just their approach is a little too much marketing of the bad sort.
All smoke and whistles. Not sure if that is their website https://infobrics.org/

I dig the 3rd world, I live in a 3rd world country (they are trying to develop a 4rth level). With proper institutions, not just copies of the US the 3rd world could fetch serious money for development. https://www.afdb.org/en/news-and-events/press-releases/africa-dominates-list-worlds-20-fastest-growing-economies-2024-african-development-bank-says-macroeconomic-report-68751 

I trying hard to open eyes and make people think for themselves. I provide the info you do the rest. Pun is intended

I gotta say Willy, it is strange that you have been feeling compelled to try so hard to convince others that BRICS is pointless and is never going to succeed! Do you really hate half the world this much that you never want to see them form a different bloc?

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Speaking of BRICS and dedollarisation lets not forget about the BRICS Development Bank which has the potential of being a much better alternative to the US regime controlled IMF for loans. Another incentive for a lot of countries to join BRICS in the coming years...

Have a look what BRICS is.
Many here have no idea I think.


https://archive.ph/rlNHE
Original: https://www.bloomberg.com/news/articles/2024-10-20/brics-now-includes-iran-uae-egypt-ethiopia

BRICS pay main purpose is to allow BRICS countries to settle payments in their local currencies but which would be in the way they want. So with the card, people that are not from Russia can go to Russia as a foreign and pay their local currencies with it instead of first converting to dollar or rubble. So it can also be like that in other BRICS countries if accepted in the contry.

I still have to believe it.
Putin said that  BRICS aren't aiming at a single currency.
On the other hand, Trump said he will punish with 100% tariffs those countries that abandon USD as a Store of Value.

As usual, the technology and the ideas are there, yet the execution is usually poor.

If this supposed to be a replaced for the western system for payments "Swift" then they still have a lot of work to do, like defining which coin is going to be compatible with the system for citizens to make payments.
Several people around here in the forum talked a lot about BRICS issuing their own Fiat currency or even some gold backed currency to use among the BRICS nations, but that is yet to be implemented.
As soon as they make clear what of their Fiats (Rubles or Chinese yuans) are supposed to be the default currency to be used in this new system, then all it is left to do is allow it to get spread among BRICS members and other nations which have suffered from devaluation of their currencies against the United States Dollar.
Here in Venezuela there is some expectation on whether we will get included among those country which could benefit from the BRICS new payment system, but that is yet to be seen, people in this country still seem to prefer to hold dollars over rubles and Chinese Yuans  

BRICS Pay has similar features to SWIFT. Transactions are not restricted to only the use of Rubles, but it is a multi-currency digital international payments system. Yes, countries in this alliance can use the platform to facilitate international trade and financial transactions among themselves. The platform also allows citizens of member states to easily convert between the currencies of BRICS nations.

Russia Global was banned from all payments and they didn't insist on it.
They exported many foreign brands that were in their country and established their own brands. I heard that there were a lot of problems with the payment system.
I watched a few traveler videos and they said don't go there without rubles, otherwise you might have problems, meaning you might run out of money and they said they don't accept other currencies.
BRICS payment will be a relief for tourists going to Russia and the Russian government. I guess things didn't look good when they were only depending on rubles. BRICS is expanding more and more as its power increases and it seems like it will be an equal value against the dollar hegemony.