Wed Nov 05 03:00:00 UTC 2025: Here’s a summary of the article, followed by a news article rewrite:

Summary:

The article discusses the BRICS nations’ (Brazil, Russia, India, China, and South Africa) increasing efforts to reduce dependence on the US dollar and the SWIFT payment system. Key initiatives include the New Development Bank, increased local currency use in trade, and the BRICS Pay initiative, which aims to create an alternative payment network leveraging existing systems like Russia’s SPFS, China’s CIPS, India’s UPI, and Brazil’s Pix. While the BRICS Pay project faces challenges due to individual nations promoting their own payment systems, the increasing international tension is speeding up its development. The concept of a BRICS currency is deemed less likely in the near term.

News Article:

BRICS Nations Forge Ahead with BRICS Pay to Challenge Dollar Dominance

Kazan, Russia – November 6, 2025 – The BRICS nations are accelerating efforts to establish a new financial order, challenging the long-standing dominance of the US dollar and the SWIFT payment system. Following the BRICS summit in Kazan last year, these nations are making significant strides toward greater financial sovereignty.

A key component of this strategy is the BRICS Pay initiative, a cross-border payment system designed to facilitate trade and investment among member countries and beyond. The system, which aims to leverage existing national payment platforms like Russia’s SPFS, China’s CIPS, India’s UPI, and Brazil’s Pix, seeks to bypass the SWIFT network, controlled by G-10 central banks.

“The motivation behind BRICS Pay is clear: to reduce reliance on the dollar and mitigate the impact of potential US sanctions,” explains trade economist Biswajit Dhar. The inclusion of Iran in the BRICS grouping last year, a nation already facing Western sanctions, underscored this objective.

While a symbolic BRICS banknote was unveiled at the Kazan summit last year, sparking heated reaction from the US, BRICS Pay is considered the more practical and promising avenue for challenging the established financial system. Progress on interoperability between the member states’ individual payment systems is essential. The Rio Summit earlier this year saw agreement to further pursue these inter-operability objectives.

However, challenges remain. Each BRICS nation is also actively promoting its own domestic payment system internationally, creating potential conflicts of interest. Russia’s SPFS system has seen a huge growth of 120 countries, while India’s UPI system has struggled to be accepted within the BRICS nations. Despite this fact, according to Biswajit Dhar, aggressive international policy may force a political understanding of the BRICS nations, that will speed up the initiative.

Experts believe that the concept of a unified BRICS currency is unlikely in the near future, citing the complexities of macroeconomic coordination. BRICS Pay, on the other hand, offers a more immediate and attainable goal, potentially reshaping the landscape of international finance in the coming years.

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