in recent years, BRICS countries have accelerated their efforts to develop an alternative system to the dollar. It is certain that this new system, currently under development, will be a digital structure built in line with the requirements of the era. Blockchain, one of the most significant advancements of the last century, will form the backbone of this digital framework.

The long-discussed digital payment system was announced at a meeting in Russia: BRICS PAYMENT SYSTEM.
As understood from publicly shared documents, blockchain technology constitutes the system’s backbone. The BricsPay website explains its purpose and founding philosophy as follows:
“Our goal is to provide equal access to financial technologies and global wealth by offering everyone the opportunity to reach their full potential. Today, we are beginning to build a new, fair, and decentralized financial system for the future.” (brics-pay.com)

Emerging as an alternative to the SWIFT system, BricsPay now promises much more. However, it should be noted that the system is still in its infancy, with many unresolved issues on the table. One of the most critical debates concerns the currency to be tied to the BricsPay blockchain.
What currency will be used as the payment medium in this system? Options include:
– Digital currencies integrated with national currencies, or
– A digital currency based on 40% gold and 60% the currencies of BRICS countries (UNIT Project – Which will be explained in detail in the next article.)

Numerous options are being discussed, each with pros and cons for the countries involved. Significant effort is being made to identify the most optimal choice. Initially, the new system is expected to maintain some level of dependence on national currencies.

Undoubtedly, China and Russia will be the least disturbed by this arrangement. Both nations envision a technological, participatory, and transparent structure integrating the national currencies of BRICS members. This vision has gained general acceptance. However, some BRICS countries, like Brazil and India, have expressed reservations about the idea.

Concerns from Brazil and India

Brazil and India harbor concerns about BRICS’ new economic model. They fear that the model will position China and Russia as the leaders of BRICS, reducing the other countries to passive roles.
They oppose a scenario where the dominance of the US dollar is replaced with a similar hegemony by the ruble or yuan. These nations aim to limit or eliminate the influence of stronger states on the system. However, Brazil and India’s influence within BRICS is limited, and they will likely have to compromise and align with optimal solutions.

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BRAZIL AND THE NEW MULTIPOLAR WORLD

Brazil seeks the evolution of a multipolar global system, where these poles maintain internal homogeneity for a more balanced international order.
At the 16th BRICS Summit in Kazan, Russia, Brazilian President Lula articulated these views:

“The new structure we establish must reduce vulnerabilities faced by nations and address the asymmetries in the international financial system. This is not about replacing currencies but ensuring that the multipolar order we envision is reflected in the international financial system. This discussion must be approached with seriousness, care, and technical rigor—it is no longer deferrable.”

President Lula also advocated for the creation of alternative payment instruments for trade transactions among BRICS countries.

In 2025, Brazil is expected to assume the BRICS presidency. President Lula reaffirmed the need to modernize global governance institutions and democratize access to technology. He emphasized Brazil’s intent to “reaffirm BRICS’ call for a multipolar world and less asymmetric relations between countries.”

Brazil understands that a multipolar world will create significantly more opportunities for everyone and is shaping its strategy accordingly.

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THE LARGEST ECOSYSTEM OF THE MULTIPOLAR WORLD: BricsPay

With the BRICS Payment System, seamless, fast, and reliable trade will be possible within BRICS countries and other participant nations. The total population of BRICS members is nearly 4 billion and continues to grow. Considering the desire for change among BRICS members, introducing BricsPay to this population is only a matter of time. At the very least, installing the Brics Wallet application on smartphones will occur rapidly. With the potential to reach half the world’s population and one-third of its land area, this system opens the door to new opportunities—a fact Brazil is well aware of.

Brazil has long been investing in digitization and blockchain technologies. The country has a carefully designed roadmap and is firmly committed to its plans. Brazil appears to have reached the point it desires for the BRICS payment system and has ensured the inclusion of a feature critical to its strategy: CrossChain integration.

Thanks to CrossChain functionality, BricsPay can integrate with other blockchains. Over the past five years, Brazil has made significant efforts to transition its systems to blockchain, and this opportunity seems to have arrived at the right time.

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DOMINATING WEB 3

The digital age has made accessing markets easier, yet many countries have not equitably benefited from this massive economic shift. Barriers such as laws, regulations, and unfair practices still hinder trade and relationships for some nations. The BRICS community offers hope in this regard, promising a vast market and a fair system.

Brazil has understood the ongoing internet revolution and is positioning itself accordingly. It is striving to integrate its systems rapidly into Web 3. Through asset tokenization, Brazil aims to integrate into the new system while taking advantage of BricsPay’s CrossChain feature, which is seen as a major opportunity. Brazil also hosts private initiatives working on blockchain developments, many in collaboration with government and private sectors.

One project stands out for BricsPay integration and Web 3 dominance in Brazil: Hathor Network.
Hathor Network, which combines blockchain and Directed Acyclic Graph (DAG) technology, is a highly modular blockchain enabling decentralized applications without transaction fees. It has been under development for six years in Brazil and aligns with Brazil’s Web 3 ambitions.

This decentralized ecosystem has already been integrated into key national projects, including the Brazilian Stock Exchange (B3) tokenization initiative. Collaborations with the banking sector and payment systems like Dinamo Network further underscore Hathor’s strategic importance.

Integrating this blockchain with the BricsPay ecosystem promises mutual benefits. While BricsPay may initially remain limited to BRICS countries, Hathor Network’s decentralized and censorship-resistant nature could facilitate expansion to the rest of the world without regulatory barriers.

Brazil aims to become a Web 3 innovation hub by creating a seamless infrastructure and attracting developers to the country. Rapid regulatory alignment is underway to harmonize institutions and laws with the new system.

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WHAT’S NEXT ?

While the BricsPay ecosystem is still full of uncertainties, Brazil’s roadmap and philosophy suggest it is positioning itself as a key player in the new order. Details of Brazil’s strategy will likely become clearer when it assumes the BRICS presidency in 2025.