BRICS countries struggle to implement cross-border payments system, hindered by technical complexities and slow pace.

BRICS countries have yet to make progress on a cross-border payments system for trade and investment after a decade of discussions. Despite aspirations, the technical complexities and slow pace of implementation hinder the initiative. The group’s expansion, non-convertible currencies, and existing sanctions further complicate discussions. China, taking advantage of US disarray, is promoting the yuan’s global role. BRICS leaders reaffirm commitment to expand local currency financing and diversify funding sources. Trump’s pushback on abandoning the dollar has spurred interest in local payment systems to facilitate commerce and investment. Discussions around a new investment platform named NIP are also stalled.

Read more at Yahoo Finance: Decade-old Local Currency Push by BRICS Is Still A Pipe Dream