Ethereum News Daily Official TheBitTimes.com

BRICS member China’s new payment system, named Cross-Border Interbank Payments System (CIPS), is taking the financial world by storm. The CIPS payment system now supports international transactions in the Chinese yuan across 185 countries. China has enabled yuan-denominated trades for liquefied natural gas at the Shanghai Oil and Gas Exchange. In addition, the Communist country has allowed the Shenzhen Qianhai Joint Trading Center to handle overseas soybean transactions in the local currency. China has already signed agreements with 40 countries, including BRICS nations, to settle payments in the new CIPS system. As of 2023, settlements reached a high of 52 trillion yuan, representing 58% of the total cross-border flow. That’s a historic milestone that even surpassed the US dollar in various measures. For context, 95% of the trade between China and Russia has been settled in local currencies for the last three years. Also Read: BRICS Expands De-Dollarization: Chinese Yuan Le...

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 ...