BRICS: 2 Countries Ready to Ditch SWIFT and Launch New Payment System
BRICS members Russia and Iran want to abandon the Western-dominated payment messaging system SWIFT. The two countries aim to launch a new payment system as an alternative to the SWIFT mechanism. The sanctioned nations are working towards the formation of a new payment system that will completely get rid of the US dollar for cross-border trade and transactions. Also Read: BRICS: India Most Likely Getting Rid of the US Dollar Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. SWIFT is controlled by the US making BRICS and other developing countries use the messaging system for financial transactions. The US dollar, Euro, and Pound are the most used currency for settlements around the world. Ending reliance on SWIFT will strengthen local currencies and become the de facto currency for trade. Also Read: BRICS: Russia & Myanmar to Trade In Local Currency, Ditch US Dollar BRICS: Russia & Iran Ready To Ditch SWIFT After Launching New P...