Amid the ongoing BRICS Summit 2024, China’s President, Xi Jinping, made a historical announcement regarding the bloc’s new payment system. Indeed, the bloc is expected to unveil more facets of its groundbreaking BRICS Pay system. Moreover, it should be the next step into greater economic autonomy for the economic alliance.

The 2024 Summit is set to be among the most important developments in the collective’s history. Last year, it saw the group expand for the first time since 2001, welcoming four new nations to its ranks. This year, the event should see an announcement of a similar magnitude.

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BRICS Alliance Discusses Vitality of its New Financial System

The BRICS bloc has enjoyed unprecedented growth over the last two years. It has sought to increase its presence on a global scale and disrupt what has been an international status quo that undoubtedly favors the West. Throughout the last year, it has increased its de-dollarization efforts to lessen overall reliance on the US dollar.

That is poised to take a big step forward at the ongoing BRICS Summit 2024, where China’s Xi Jinping made a rather historic announcement regarding the bloc’s new payment system. Speaking to those in attendance, the president discussed why the system is so important to groups that continued seeking a multipolar world.

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“There is an urgent need to reform the international financial architecture,” Jinping said. “BRICS must play a leading role in promoting a new system that better reflects the profound changes in the international economic balance of power,” he added.

The blockchain-based BRICS pay system has always been viewed as a key de-dollarization development. For the bloc, it presents a chance to circumvent Western financial infrastructure like the SWIFT payment platform. Therefore, presents a key opportunity for nations within the group to promote the use of their currencies for trade.

At the BRICS Business Forum in Moscow days earlier, the bloc provided a sneak peek of the payment platform. Attendees were given a BRICS Pay demo card, with pre-loaded funds. This was the first insight into the payment system, and how it would operate throughout the economic alliance.