BRICS to create alternative to SWIFT for financial transactions
The BRICS countries have officially announced the creation of their own financial messaging system similar to the international SWIFT network. TRT Russian reported, citing the Consul General of China in Belfast Zhang Meifang.
The idea of creating such a system was voiced back in March by the Russian presidential aide Yuri Ushakov.
According to him, the new system will be built on the basis of blockchain and digital technologies, which will make it convenient and economically beneficial for all participants.
The main goal of the project is to ensure independence from political influences and provide stable conditions for the exchange of financial information between the BRICS countries.
Earlier, Iran also expressed interest in joining the new system, and Turkey is considering joining BRICS.
BRICS is an informal interstate association of the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People’s Republic of China and the Republic of South Africa.
