#bricspay #brics Western dominance in the global financial system is gradually getting closer. This is because, with each passing day, BRICS introduces something new that poses a threat to Western dominance. Before now, BRICS launched the De-dollarization trend, which led to the bloc advocating for developing countries to ditch the dollar in favor of local currencies for bilateral trade. While the West is still struggling to deal with this trend, the BRICS bloc recently introduced its new payment system, BRICS Pay, an alternative to the Western SWIFT payment system. BRICS Pay was launched during the just-concluded BRICS Business Summit, ahead of the 16th BRICS summit. The demo released during the summit, reveals that it has the potential of making many nations around the world ditch SWIFT in favor of BRICS pay. But, what exactly is BRICS Pay and how is it different from SWIFT? Let's find out.
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