The BRICS nations revealed intention to move away from SWIFT
The BRICS group of countries - Brazil, Russia, India, China, and South Africa—is considering options for implementing a payment system alternative to SWIFT. This was announced on the social network “X” by the Consul General in Northern Ireland, Zhang Meifang, as reported by Kazinform News Agency correspondent.
Recently, BRICS countries have been exploring innovative initiatives aimed at changing the global financial landscape. Among these initiatives is the creation of an alternative financial messaging system similar to the Western-dominated SWIFT (Society for Worldwide Interbank Financial Telecommunication) and the development of a new currency backed by gold.
The proposed BRICS financial messaging system is designed to provide a reliable and secure platform for cross-border transactions. Unlike SWIFT, which is heavily influenced by Western countries, the BRICS system will be controlled by the state banks of the member countries.
