News about the creation of a payment system by the BRICS, nicknamed "Pix," has gained prominence. The initiative, named BRICS Pay, aims to standardize communication between the different payment systems of member countries, allowing transactions using QR codes or digital wallets, similar to what happens with Pix in Brazil.
What is BRICS Pay?
BRICS Pay is a digital platform that allows the countries of the bloc to conduct international financial transactions using their local currencies, without the need to convert to the US dollar. This would reduce dependence on the dollar and transaction costs, which tend to be more expensive and slower when passing through intermediaries like the SWIFT system, dominated by Western powers.
The system is seen as a way to strengthen trade and investment among the bloc's members, ensuring greater financial and geopolitical autonomy. Brazil plays a leadership role in this project, especially due to the success and efficiency of Pix.
Challenges and Reactions
Despite the enthusiasm, the implementation of BRICS Pay faces challenges. An international payment system requires a complex technical infrastructure, compatibility between currencies, and, mainly, a broad political will and trust among countries for it to be adopted on a large scale.
There are also reactions from countries outside the bloc, such as the United States, which view the initiative as a threat to the dominance of the dollar in the global economy. Former President Donald Trump, for example, expressed criticisms and threatened to impose tariffs on nations that challenge the dollar.
In summary, BRICS Pay is not a "common currency," but a payment system that uses local currencies. It has great potential to change the dynamics of international trade but still needs to overcome economic and political obstacles to establish itself as a global alternative.
