Russia and other BRICS member countries are awaiting the launch of the new BRICS Pay system in 2025. The system will allow foreigners to pay for purchases with Visa and Mastercard cards in Russia, and Russians to make payments abroad with MIR cards. It will support SWIFT, CIPS, and SPFS standards.
It is known that the non-cash payment project is supervised by the heads of five groups of specialists, one from each member country, under the control of the BRICS Business Council. Working groups from the new BRICS+ member countries will also join it.
Settlements between counterparties from different BRICS+ countries will be carried out in digital currency; for settlements in national currencies, their conversion will be carried out through cryptocurrency. BRICS currently has a cryptocurrency, BRICS Food Token (BFT), issued by the BRICS Digital Bank.
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