DirecPay Payment Gateway : BRICS to Launch New Payment System, 159 Countries Plan to Participate: Russian Media

For a long time, countries around the globe have been under immense pressure from the US dollar, and now a major initiative is brewing in the BRICS countries, with 159 countries already signed up to join, striking at the heart of the Western world!

In a recent groundbreaking announcement, Russia's satellite news agency (RT) announced that the BRICS countries are planning to launch a brand new payment system, and 159 countries have already expressed their willingness to join.

As the most commonly used currency in global trade, the dollar not only symbolises the economic hegemony of the United States, but is also the "trump card" that brings huge profits.

However, with the gradual rise of various global industries and financial sectors, the status of the United States dollar is no longer as secure as it was in the past. In recent years, in particular, a series of actions by the United States has led many countries to become deeply dissatisfied with the hegemony of the United States dollar, but to suffer from a lack of feasible countermeasures.

In this context, we must mention the Swift payment system, an important "ally" of the dollar system. This system is virtually controlled by the United States and almost all settlements, central bank reserves and cross-border financing must be channelled through it. Because of the dominance of the dollar, Swift has become synonymous with "dollar hegemony".

In other words, if you use US dollars, you have to go through the system, and once you've been removed from the Swift system, it's as if you've been "banned" from the international markets. Want to buy or sell goods? Sorry, there's no room for you!

For this reason, the system is also known as the "financial nuclear bomb".

Why is it that so many countries, which have been "suffering from the dollar for so long", have not taken significant action? On the one hand, there are no suitable alternatives, and on the other hand, any tough resistance will have consequences.

However, over the past decade, due to unforeseen events such as financial crises and global epidemics, the United States has slowed down while other countries have gradually become stronger. This situation has finally given rise to the hope of a joint boycott of the United States dollar.

With 10 member countries and a population of about 370 million, representing nearly half of the world's population and one third of the global economy, the BRICS countries are naturally at the centre of the "de-dollarisation" coalition. It is therefore not surprising that 159 countries are willing to join the new payment system.

The most notable feature of the forthcoming payment system is that it allows participating countries to conduct transactions and settlements without using the United States dollar. Countries can complete transactions in their own currencies or in other non-dollar currencies, thereby reducing their dependence on the United States dollar.

Essentially, this gives more countries the opportunity to get rid of the dollar, reduce their dependence on it, and pose a major challenge to the economic hegemony of the United States.

This news naturally attracted global attention, and some financial institutions spoke highly of the system as having the potential to "shake the financial dominance of the United States dollar". If the system really achieves the participation of three quarters of the world's countries, it will be a "major earthquake" for the current dollar-centred international financial landscape.

Of course, this is still only a plan and has not yet been fully implemented. Even so, the development trend it represents is clear. In the face of high debt levels, the United States should have lowered interest rates to promote trade with other countries, but it has stubbornly issued treasury bonds in the hope of relieving the pressure in this way, and the results have clearly not been favourable.

The new BRICS initiative has actually had an impact on the US dollar and the international fund settlement system, hitting the US where it hurts and putting it under enormous pressure.

For countries that have long been dissatisfied with the dollar, the new payment system is a lifesaver, helping them to free themselves from the "yoke of the dollar" and avoid sanctions by the United States and the West.

It is therefore inevitable that in the future we are likely to see a boycott of the system by the United States and the West. While it will take time to see if the BRICS payment system can take hold in the international financial arena, it is clearly a promising start, offering other countries a second option to the Western-dominated financial system.

It is foreseeable that the BRICS will further accelerate the decline of dollar hegemony.