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#brics BRICS Officially Announces Financial System Similar to SWIFT| What's Next? Gone are the days when Brics had to secretly carry out its plan of de-dollarization and launching a new currency and a financial system. Until now, Brics never confessed to developing a financial system that will replace SWIFT. However, secrecy is no longer the plan of action. Brics and its members have now openly announced that they are launching a financial system similar to SWIFT, a Western-controlled banking system. The BRICS alliance is looking to bypass the Western SWIFT system and replace it with its own financial mechanism. The creation of a new financial messaging system similar to SWIFT will allow BRICS to reshape the global trade landscape. The majority of cross-border transactions are now settled using SWIFT and cutting ties with the system provides leverage to the nine-member alliance. BRICS can create a new payment system without incorporating the US dollar for transactions.
