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BRICS Dollar Devaluation Advances With New Payment Systems
As BRICS nations build their own financial rails and lean on gold, the dollar’s grip is under direct challenge.
Payment Infrastructure: Building Alternatives to SWIFT
● At the Rio summit, BRICS leaders discussed a guarantee fund to undergird BRICS Pay, intended for local currency settlement without resort to Western banking networks.
● The bloc is shifting focus from grand unified currency schemes to interoperable payment systems and national rails, per analysts at GIS Reports.
● BRICS Pay is a decentralized messaging mechanism where member nations route payments via local currency systems
● While technical and regulatory gaps remain, prototypes and pilot links (e.g. between SPFS, CIPS, UPI, Pix) are being tested to bypass SWIFT.
Gold & Local Currency Strategy: Anchors for De-Dollarization
● BRICS nations now hold over 6,000 tons of gold — about 20-21% of global central bank reserves. Russia and China together control nearly three-quarters of that total.
● This accumulation acts as a hedge and backing for alternative currency initiatives and reduces exposure to dollar volatility.
● Trade among BRICS states increasingly uses settlement in national currencies, reducing the need for dollar liquidity and hedging.
Competing Views, Internal Tensions & Rebalancing
● Some analysts argue BRICS is pulling back from aggressive de-dollarization, focusing instead on gradual shifts in trade settlement.
● Indian officials maintain that while BRICS jointly explores alternatives, they have no intention to undermine the U.S. dollar outright.
● Political pressure from the U.S. — including threats of tariffs — adds complexity. Russia has responded by distinguishing between a settlement system and a new currency, signaling continued work despite external pressure.
● Diverse economic structures, regulatory standards, currency convertibility, and trust among states pose serious technical and institutional hurdles to full integration.
The Shift: Out With the Old, In With the New
- Traditional dollar-based networks and financial dominance are being contested
- BRICS is investing in alternative rails, backed by tangible assets and local currency trade
- Power over payment systems, reserve strategies, and settlement becomes a core battlefield
In effect, we are witnessing a structural reconfiguration of global finance, where decentralized, sovereign-controlled systems are replacing old hierarchies.
Why This Matters / Key Takeaway
BRICS’ push for dollar-free payment systems and gold-backed safeguards is not just incremental — it’s rearchitecting how trade, credit, and capital move globally. As dollar dependency weakens, new centers of financial gravity emerge.
This is not just politics — it’s global finance restructuring before our eyes.
@ Newshounds News™ Exclusive
Sources & Further Reading
- Watcher.Guru – BRICS Dollar Devaluation Advances With New Payment Systems Watcher Guru
- GIS Reports – BRICS making incremental progress in dollar-free trade GIS Reports
- InvestingNews – How Would a New BRICS Currency Affect the U.S. Dollar? Investing News Network (INN)
- Wikipedia – BRICS Pay Wikipedia
- Reuters / news – India says BRICS have no interest in weakening USD Reuters
- Reuters / news – Russia says threats won’t stop BRICS payment work Reuters
- The Guardian – Putin calls for alternative payment system at BRICS summit The Guardian
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