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 the BRICS payment initiative at the ‘Russia and Ibero-America in a Turbulent World: From Shared Challenges to Joint Solution’ in St. Petersburg, organized by St. Petersburg State University and the Institute of Latin American Studies of the Russian Academy of Sciences.

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The BRICS Payment Initiative Could Be Accepted by South America

If countries in South America begin to trade in the BRICS payment initiative, the US dollar would be hit. The Feds need to keep the US dollar at the center of all global transactions to survive. If not, the US economy could face turbulence, leading to inflation, a dip in consumerism, and job cuts. The stakes are high, and the next decade could be much different from what we know.

Not just South America, many countries in Africa are also on the sidelines and could use the BRICS payment system. The development could directly challenge the US, Europe, and other Western countries in the financial market.