The Payment System of the BRICS+ Countries

The article is devoted to the study of the formation of a new payment system of the BRICS countries. If earlier the process of the collapse of the Bretton Woods system proceeded naturally, without much effort on the part of its opponents, now the situation has changed radically. BRICS experts are currently working on the creation of an alternative financial system to the Western one, including its own commodity exchanges, depositories, a payment system, with low costs of international trade, from which no one can disconnect. The most likely vector of development for the de-dollarization of the global financial system is digitalization and the introduction of the latest technical achievements in the field of cross-border settlements with the introduction of a national digital currency of the central bank (Central Bank Digital Currency, CBDC), where one of the main initiators is a number of BRICS+ countries. The main work within BRICS+ is currently focused on the creation of an alternative financial and settlement payment system based on the national currencies of the BRICS countries, including digital financial assets, including CDBC and the main task that is currently being worked on is the issue of docking and settlements The ability to trade freely, without fear of disruptions caused by sanctions in the work of banks, depositories, rating agencies and exchanges serviced by US and EU institutions, will contribute to the accelerated coordination of the terms of integration of the BRICS countries, and the system created on the basis of national digital currencies and settlements based on the distributed ledger system will greatly simplify settlements and make them instantaneous. The new payment complex will help reduce the cost of cross-border payments by 98 %, and the multiplier effect will multiply the benefits many times over.

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