BRICS Officially Announces Financial System Similar to SWIFT

The BRICS alliance will create a new financial messaging system similar to SWIFT and trade in local currencies and not the US dollar.

17 comments

Well, I guess that was inevitable once the West started cutting people out. It's not a complicated idea by modern standards.
- It's an incredibly complicated thing to implement, even if white Europeans did it first.
  
  In the 60s or whatever, I'm sure it was. In the days of the fediverse and massively distributed supercomputing, though?
  
  It's just a way to settle accounts by wire, right?
This is something else other than mBridge. I think...
The article doesn't make it clear if they're talking about something for people or just institutions.
- From what I've read the goal is to create a settlement currency akin to Bancor aimed at state level transactions.
  
  Wasn't mBridge meant to satisfy that?
Mission Accomplished!

There are lots of details left to hammer out. This is like an announcement that there will be a committee to commission a study to hire a contractor to change a light bulb. The process will likely take a while and may not complete at all.
- That's some adorable coping right there.
  
  Oh? Do you know details on how it's going to work? All I can find is the BRICS Pay site with a very high level overview. They're talking a big game, but as of now all that seems to be public is just talk.

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