BRICS Pay Faces Challenges in Reducing Dollar Dependence

The BRICS alliance is planning to introduce BRICS Pay, a payment system designed to promote trade using local currencies and lessen dependence on the US dollar. According to NS3.AI, the initiative faces several obstacles, including uneven trade volumes that favor China, trust issues when compared to the widely accepted US dollar, and differing economic priorities among member countries. These challenges may hinder the potential of BRICS Pay to transform the global financial landscape.