BRICS Developing Independent Payment System: Russian Finance Minister : Analysis

BRICS countries are developing their own international payments system to avoid politicized Western platforms. Russian Finance Minister Anton Siluanov stated that the new system will be based on new technologies for quicker and cheaper transactions free from external interference. The goal is to create an independent system due to Western political decisions. The BRICS group aims to stimulate economic growth and boost citizens’ income using national and digital currencies. The move comes after Russian banks were excluded from SWIFT in 2022. Putin announced joint development of a payment framework within the BRICS bloc, consisting of Brazil, India, China, South Africa, and new members. BRICS countries plan to reduce the use of the US dollar in settlements in favor of national currencies and introduce digital assets. Putin confirmed the successful pilot launch of the digital ruble. Russia is moving towards using cryptocurrency for international trade, with most settlements between Russia and China already in national currencies.

Analysis:
The article discusses the BRICS countries’ initiative to develop their international payments system to circumvent politicized Western platforms. As per Russian Finance Minister Anton Siluanov, the new system aims at enabling faster and cheaper transactions devoid of external interference. The BRICS group, comprising Brazil, Russia, India, China, and South Africa, intends to enhance economic growth and raise citizens’ income by leveraging national and digital currencies. The decision to pursue an independent payment system came following Russian banks’ exclusion from SWIFT in 2022.

Regarding source credibility, citing Russian Finance Minister Anton Siluanov and the official announcement from President Putin provides a level of credibility to the article’s claims. However, readers should remain cautious as the article may have a Russian bias, given the focus on promoting Russia’s agenda and portraying the West negatively.

In terms of factual presentation, the article seems accurately based on the statements made by Russian officials and the reported exclusion from SWIFT. However, readers should be aware of any potential biases that could skew the narrative in favor of the Russian perspective.

Considering the overall impact, this move by the BRICS countries could have significant implications on the current international financial system dominated by Western platforms. The initiative to reduce reliance on the US dollar and embrace digital currencies signifies a shift in the global economic landscape, potentially challenging the existing financial order.

Moreover, in the context of global politics and the prevalence of fake news, this article could be seen as a part of a broader information warfare strategy to shape public opinion regarding Russia’s financial independence and technological advancements. Without thorough verification and critical analysis, readers may be susceptible to believing misinformation or propagandistic rhetoric, further complicating the understanding of international relations and economic developments.

Source: RT news: BRICS working on own payment system – Russian finance minister