Reference News, March 19 report: According to the website of Germany's Berliner Zeitung on March 17, Central Asian country Kyrgyzstan is pushing to introduce the "BRICS Pay" system. In the capital Bishkek, the Kyrgyz government recently discussed establishing a so-called "national payment gateway." The country's government aims to significantly simplify cross-border payments and strengthen economic ties with "BRICS+" countries.
In the discussion by the National Investment Committee, the core issue was how to integrate the system specifically into Kyrgyzstan's financial infrastructure. After the meeting, Vice Chairman Merinbek Koychumanov said: "Establishing such a payment gateway will have a positive impact on the business environment and open up new opportunities for economic development."
For many years, the BRICS countries have been working to create an alternative to the Western-dominated financial system. As the alliance expands into "BRICS+", its influence has also grown, especially among countries in the Global South.
This is exactly where the BRICS payment system comes into play. The system is designed as a decentralized digital payment platform that allows transactions directly using the currencies of each country, without going through the US dollar or euro. Its goal is to make international payments faster, cheaper, and to reduce reliance on traditional intermediaries such as SWIFT.
By adopting this system, the Kyrgyz government expects tangible economic benefits: simplifying trade relations with BRICS countries, attracting more investment, and integrating deeper into the new digital financial network. Kyrgyz online media cited sources from the meeting who stated: "The introduction of this infrastructure will promote financial cooperation with 'BRICS+' partners and enhance Kyrgyzstan's investment appeal."
However, the US dollar still plays an important role in the daily lives of Kyrgyz citizens. Especially when purchasing large items such as real estate or cars, people often use the US dollar instead of the local currency, Som. Experts point out that by adopting the BRICS payment system, Kyrgyzstan can reduce its dependence on external payment systems and gain more control over international transactions.
The report states that this move aligns with a larger trend: an increasing number of non-Western countries are seeking alternatives to the US-dominated financial system. Especially against the backdrop of tense geopolitical situations and Western sanctions policies, the idea of building an independent payment network has become increasingly important. If Kyrgyzstan actually introduces the system, it will become one of the first countries outside the BRICS core circle to adopt this new infrastructure. In this way, this Central Asian country may become an important case study for testing the international scalability of the BRICS payment system. (Translated by Jiao Yu)
Original: toutiao.com/article/7618876186541687302/
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