90 Miles From Tyranny : BRICS Creates New Payment System To Bypass The Dollar

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Saturday, December 3, 2022

BRICS Creates New Payment System To Bypass The Dollar

The Eurasia Economic Union (EAEU) is speeding up its design of a common payment system, which has been closely discussed for nearly a year with the Chinese under the stewardship of Sergey Glazyev, the EAEU’s minister in charge of Integration and Macro-economy.

Through its regulatory body, the Eurasian Economic Commission (EEC), the EAEU has just extended a very serious proposal to the BRICS nations (Brazil, Russia, India, China and South Africa) which, crucially, are already on the way to turning into BRICS+: a sort of G20 of the Global South.

The system will include a single payment card – in direct competition with Visa and Mastercard – merging the already existing Russian MIR, China’s UnionPay, India’s RuPay, Brazil’s Elo, and others.

That will represent a direct challenge to the western-designed (and enforced) monetary system, head on. And it comes on the heels of BRICS members already transacting their bilateral trade in local currencies, and bypassing the US dollar.

This EAEU-BRICS union was long in the making – and will now also move toward prefiguring a further geoeconomic merger with the member nations of the Shanghai Cooperation Organization (SCO).

The EAEU was established in 2015 as a customs union of Russia, Kazakhstan and Belarus, joined a year later by Armenia and Kyrgyzstan. Vietnam is already an EAEU free trade partner, and recently enshrined SCO member Iran is also clinching a deal.

The EAEU is designed to implement free movement of goods, services, capital, and workers between member countries. Ukraine would have been an EAEU member if not for the Maidan coup in 2014 masterminded by the Barack Obama administration.

Vladimir Kovalyov, adviser to the chairman of the EEC, summed it all up to Russian newspaper Izvestia. The focus is to establish a joint financial market, and the priority is to develop a common “exchange space:” “We’ve made substantial progress and now the work is focused on such sectors as banking, insurance, and the stock market.”

A new regulatory body for the proposed joint EEU-BRICS financial system will soon be established.

Meanwhile, trade and economic cooperation between the EAEU and BRICS have increased 1.5 times in the first half of 2022 alone.

The BRICS share in the total external trade turnover of the EAEU has reached...

Read More HERE


MMinWA said...

When the dollar is no longer the reserve currency, IOW no needs to buy our worthless T-Bills, the party will really get going. We'll look back at 8.3% inflation(which is bullshit anyways) with nostalgia.

Anonymous said...

Right after Democrat/BidenPelosiSchumer rule, this is the single biggest threat to our way of life, and 90% of the people are completely unaware and will be totally surprised when the switch is thrown.
And the Democrats with their overspending and with their overreaching liberal campaigns will be a large cause of this. Other countries hate Democrats.

Jim said...

We'll be broke our economy in ruins, but, at least no mean tweets.

Doom said...

If I had a means of cashing into that system, I would. Simply a matter of economic survival. Of course, that could be quite dangerous, living in America. Which... might require a move to get that gig going.