BRICS Bloc to Discuss Payment System at Upcoming Summit

The BRICS bloc has officially stated that the upcoming meeting will be used to talk about a standard payment system. Bloomberg said that the economic union would include talks about the growth of payment systems. Promotion and development of local currencies will also be on the agenda for the meeting.

The event is in just one day, and the bloc is getting ready for what could be one of its most significant. Also, many heads of state are expected to be at the meeting along with the group. They may want to join the plans to grow the bloc.

BRICS Bloc to Confirm Payment System at Summit

The BRICS bloc is getting ready for its most important annual meeting ever. More than 60 heads of state have been asked, which could be very important for the event’s future. The economic union has told us about an essential part of the meeting that will happen soon.

In particular, the BRICS bloc has stated that talks about a shared payment system will happen at the next summit. Bloomberg said that this would be the main topic of conversation. Also, a technical group is expected to be set up to start thinking about an alternative BRICS currency.

Anil Sooklala, the South African minister, also stated that de-dollarization would not happen at the summit. They note that local money is much more critical to the partnership. Also, the possibility of growing is still a big deal. During this two-day event, everyone hopes the rules will be clear.

The group has clarified that it wants to focus on projects that help the Global South. On the other hand, it has made it clear that it does not have the power to be a force against the West. Still, a newly created payment system could set the bloc on the path to becoming its desired option.