BRICS Pay and the new digital moneda: A challenge to the global financial system

In an unprecedented strategic move, the BRICS – Brazil, Russia, India, China, and South Africa – are advancing the development of BRICS Pay and an innovative digital currency backed by tangible assets. This initiative represents one of the most significant efforts to create alternatives to the financial system dominated by the US dollar and the SWIFT mechanism, seeking to establish direct trade among the most influential emerging economies in the world.

BRICS Pay blockchain architecture: More than a payment system

BRICS Pay stands out as an advanced financial platform built on cutting-edge blockchain technology. This decentralized infrastructure enables cashless cross-border transactions with immediate verification and reduced operational costs. The distributed architecture of the system ensures that each transaction is recorded immutably, creating a financial environment resistant to manipulation and censorship.

The protocol implements interoperability mechanisms between national coins through smart contracts that facilitate automatic conversion without the need to go through the dollar as an intermediary. This represents a substantial technical advantage over traditional settlement systems, especially in terms of:

• Speed of processing international transactions
• Transparency in the traceability of funds
• Significant reduction in currency conversion fees
• Integration with existing payment systems such as QR codes, Visa, Mastercard, and WeChat Pay

The technical architecture has been designed to adapt to the specific regulations of each member country, allowing different jurisdictions to maintain their financial autonomy while participating in a common ecosystem.

Towards a more equitable and decentralized financial system

The development of BRICS Pay responds to a growing need for balance in the global financial system. As Diego Gutiérrez Zaldívar, a pioneer in blockchain technology, points out: "We are witnessing a competition of powers among Nation-States, cryptocurrencies, and corporations" in the international financial arena.

This platform does not seek to replace national coins, but to complement them with a compensation system that allows BRICS countries to conduct direct transactions without the intervention of external intermediaries. The benefits of this approach include:

1. Reduction of exposure to unilateral financial sanctions
2. Decrease in transactional costs in international trade
3. Greater monetary autonomy for emerging economies
4. Creating a more inclusive financial environment for historically marginalized markets

The fundamental objective is to establish an infrastructure that allows member countries to trade under their own terms, reducing geopolitical vulnerabilities and promoting economic self-determination.

The BRICS digital coin: Technical architecture and economic implications

The possible implementation of a digital blockchain coin, provisionally called "Unir", represents a significant innovation in the international monetary landscape. Unlike many traditional cryptocurrencies, this currency would be backed by tangible assets such as gold, which could provide it with greater stability and confidence in international markets.

From a technical perspective, the BRICS digital coin would likely implement:

• A hybrid model between public and permissioned blockchain
• Optimized consensus mechanisms for high-value international transactions
• Partial backup systems in gold and other stores of value
• Privacy protocols that balance transparency and confidentiality

According to available data in the financial community, the main motivation for the development of this coin is to reduce the block's exposure to fluctuations of the US dollar and create a resilient system against external pressures. Although its full implementation will require time and consensus among the members, the mere announcement of this initiative already represents a milestone in the evolution of the global financial system.

Impact on the digital asset ecosystem

For participants in the crypto asset market, the emergence of BRICS Pay and a digital coin backed by physical assets presents both challenges and opportunities. This new financial infrastructure could:

• Create new liquidity corridors between emerging markets and the global crypto ecosystem
• Establish new price correlation patterns between traditional and digital assets
• Promote the adoption of blockchain technologies in regions with high growth potential
• Promote the development of innovative financial solutions for traditionally underserved populations

The BRICS initiative could also catalyze the evolution of exchanges and trading platforms towards more interoperable models with the new state financial systems. Major international trading platforms will have to adapt to integrate these new assets and payment networks into their existing infrastructure.

The diversification of the global monetary landscape represented by BRICS Pay and its potential digital coin could mean a redistribution of international financial power. From Argentina to South Africa, including the new members that have joined the bloc, this technological and financial initiative could lay the foundations for a truly multipolar economic system, where different regions have greater capacity to influence the rules of the global financial game.