South America Ready To Accept the BRICS Payment System
Latin American countries, commonly known as South America, would be ready to accept the BRICS cross-border payment initiative, says Russian Deputy Foreign Minister Sergey Ryabkov. Ryabkov revealed that the work on the cross-border payment initiative is being advanced. The formation of the payment system was discussed during the BRICS summit in July, and South America could adopt the services, he said at the “Interest in BRICS is expanding in the (South America) region,” Ryabkov added. He stressed that the cross-border payment initiative could be ready by 2030. The move could ruffle a lot of feathers in the financial market and challenge the West. “Work is underway in all BRICS dimensions under Brazil’s chairmanship. The agreement on the BRICS economic partnership strategy through 2030 is being finalized. The cross-border payment initiative is being advanced,” he said, signalling that countries in South America would come under the services. Ryabkov spoke about ...