BRICS countries will have to go through many approval procedures, before creating their own secure payment system, so its launch is unlikely to happen in the near future. This opinion was expressed by the director of the Institute for Asian and African Countries (ISAA) of Moscow State University. MV Lomonosov Alexey Maslov, quoted by TASS.
„I think this will all develop under the New BRICS Development Bank, which was actually once created for this purpose, and it will have to go through a lot of approval procedures first, we need to understand , that this is not a matter of tomorrow”, said Maslov, who participated in the II Russian-Chinese Forum for the Development of Investments and Trade Cooperation in Shenyang.
BRICS member countries have different views on the prospect of creating a new payment system. “If Russia sees this as a direct alternative to SWIFT, and China is generally willing to develop several parallel systems, then a number of other countries do not want to see this as an alternative, but rather simply as a payment facility,” he suggested. director of ISAA Moscow State University.
According to him, the sanctions against Russia, Iran and several Chinese companies have made it very clear that the world is not actually as stable as many have assumed, and restrictions can be applied against any country. “What used to seem absolutely normal – globalization and the single payment system – today it looks exactly like a danger“, said Maslov.
The professor noted that no one in the world has created several parallel payment systems. “This means that we will work and gain a lot of experience from our own mistakes, so we have to treat it very carefully,”, he concluded.
Russian President Vladimir Putin at a press conference after the BRICS summit in Kazan noted that the countries of the association have not yet created a separate payment system to become an alternative to SWIFT, but use the Russian financial system to exchange information and the systems of other countries - members of the group.