BRICS, the alliance of emerging economies consisting of Brazil, Russia, India, China, and South Africa, is making significant strides in breaking away from Western financial dominance. The group has been working on developing a game-changing payment system that could potentially rival SWIFT, the global payment network used by banks worldwide for secure financial transactions.

Russian Foreign Minister Sergey Lavrov recently shared his expectations that the alternative payment system being developed by BRICS will be open to non-member countries as well. This move is seen as a strategic shift to challenge SWIFT's longstanding global stronghold in the financial sector.

Lavrov made these comments during a press conference in Almaty on April 11, following a meeting of the Commonwealth of Independent States (CIS) Council. His statement underscores the growing momentum within BRICS to establish a more independent and resilient financial infrastructure that is less reliant on Western institutions.

The development of an alternative to SWIFT within the BRICS framework is significant for several reasons. Firstly, it signals a concerted effort by these emerging economies to reduce their dependence on Western financial systems, which have historically been dominated by the United States and its allies. By creating their own payment system, BRICS countries aim to enhance financial sovereignty and reduce exposure to potential sanctions or disruptions imposed by Western powers.

Moreover, the potential inclusion of non-member countries in the BRICS alternative to SWIFT could further expand the reach and influence of this new payment system. By offering a more inclusive platform for international transactions, BRICS could attract a broader range of participants and potentially challenge the dominance of SWIFT in the global financial landscape.

The move also aligns with broader geopolitical trends that are reshaping the global economic order. As traditional power dynamics shift and emerging economies assert themselves on the world stage, initiatives like the BRICS payment system reflect a desire for greater autonomy and self-determination in financial matters.

While the exact details of the BRICS alternative to SWIFT are still being worked out, the group's commitment to developing such a

Source: https://news.bitcoin.com/russia-expects-brics-payment-network-to-go-global-swifts-monopoly-under-threat/