The BRICS bloc, consisting of Brazil, Russia, India, China, South Africa, along with recent members like Egypt, United Arab Emirates, Ethiopia, Iran, and Indonesia, activated BRICS Pay during the summit in Kazan in August 2025. The initiative aims to enable fast and secure transactions among member countries using their local currencies, reducing dependence on the US dollar as the main medium of exchange. BRICS Pay is expected to streamline trade and financial transactions, promoting economic cooperation and reducing transaction costs within the bloc.
BRICS launches BRICS Pay in Kazan for fast transactions in local currencies and less dollar dependence
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