BRICS in Global Financial System: The Need to Level the Playing Field

... transaction volume passed through China’s Cross-border Interbank Payment System (CIPS), the rest of the volume fell to the share of offshore banks. Therefore, the real independence of BRICS from the international payment infrastructure controlled by the West can only be ensured by their own system of multilateral settlements in national currencies. Since 2018, a prototype of such a system has been developed under the BRICS PAY venture project, which combines the advantages of traditional payment systems with new technologies such as central bank digital currencies, decentralized financing ...