- Latin American countries are considering joining the BRICS cross-border payment system.
- Russian Deputy Foreign Minister Sergey Ryabkov says the initiative could be ready by 2030.
- The system aims to reduce reliance on the U.S. dollar for international trade.
- BRICS countries are working under Brazil‘s chairmanship to finalize an economic partnership strategy through 2030.
- Africa and other regions are also interested in the BRICS payment platform, which could impact Western financial markets.
Latin American countries, often referred to as South America, are showing readiness to join the BRICS cross-border payment system. Russian Deputy Foreign Minister Sergey Ryabkov announced ongoing efforts to advance this initiative, with potential service adoption in South America discussed at the recent BRICS summit.
Ryabkov stated that the cross-border payment platform is progressing and could be operational by 2030. The topic was addressed during a talk at the event, “Russia and Ibero-America in a Turbulent World: From Shared Challenges to Joint Solution” held in St. Petersburg.
“Interest in BRICS is expanding in the (South America) region,” Ryabkov said, emphasizing that development continues on all aspects of BRICS cooperation under Brazil’s leadership. He noted that the agreement on an economic partnership strategy through 2030 is nearly complete and that South American countries could soon use the cross-border payment services.
If South American nations adopt the BRICS payment system, which enables cross-border transactions without relying on the U.S. dollar, it could affect the currency’s central role in global trade. This system may also influence inflation, spending, and jobs in the U.S. as it competes directly with Western-established financial networks.
Interest in the BRICS payment platform is not limited to South America. According to Ryabkov, several African countries are also considering participation. Wider adoption could challenge the dominance of the U.S. dollar, the euro, and other Western currencies in the global marketplace.
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