The 18th BRICS summit adopted the New Delhi Declaration, backing a payment architecture designed to bypass the Western financial system, according to ChainCatcher. The declaration says BRICS members will expand trade and investment settled in their local currencies, connect national payment systems, and study cross-border interoperability.
The brief also mentions BRICS Pay as a decentralized payment framework. It would combine India’s Unified Payments Interface, or UPI, with Russia’s System for Transfer of Financial Messages, or SPFS, into a shared layer used to clear payments among member states. The report focuses on the declaration’s payment and settlement direction and does not provide additional implementation details.
ChainCatcher reported that the 18th BRICS summit adopted the New Delhi Declaration, backing a payment architecture meant to bypass the Western financial system.
The declaration commits to expanding trade and investment settled in member states’ local currencies, linking national payment systems, and studying cross-border interoperability.
It also describes BRICS Pay as a decentralized payment framework that combines India’s Unified Payments Interface (UPI) and Russia’s System for Transfer of Financial Messages (SPFS) into a shared layer for clearing payments among member countries.
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