BRICS has proposed a decentralized model of the international payment system

The BRICS Business Council has made a proposal to create a decentralized system of international payments, which will exclude the possibility of restricting the actions of its participants. This was stated by the head of the BRICS Pay task force Andrey Mikhailishin at the Uzbekistan Digital forum.

«We propose to introduce a peer-to-peer decentralized system of international interactions. Each country will have a local regulator represented by the central bank, the government or designated companies that control internal calculations and policies. However, there should not be a center at the international level that decides who can and who cannot participate in cross-border payments», Mikhailishin explained.

According to him, these principles will be reflected in the report of the BRICS Business Council for 2024. The creation of a mechanism for cross-border payments through the BRICS Bridge platform is one of the key initiatives of Russia, which is chairing the BRICS this year.

It also became known that the specialists of the International Research Institute of Management Problems are developing a decentralized ecosystem «Unit» with its own settlement and payment unit UNT, which will solve the problem of cross-border payments under sanctions.