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BRICS make a strong push to decouple from the USD, develop a digital payment platform.
Russian President Vladimir Putin and BRICS Development Bank Chairwoman Dilma Rousseff discussed the construction of a digital payment and investment platform using local currencies among BRICS nations to reduce dependence on the USD. The meeting took place within the framework of the St. Petersburg International Economic Forum on June 18.
Putin emphasized the importance of expanding payments in local currency and building an independent financial system. Rousseff was also reappointed as the head of BRICS Bank amid the bank's approval of 120 projects worth 39 billion USD.
The BRICS' efforts for dollarization aim to enhance financial sovereignty and avoid risks from the economic policies and sanctions of the US. The member countries include Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, UAE, Saudi Arabia, and Indonesia.