According to Russia’s Central Bank Governor, Elvira Nabiullina, 159 countries are ready to adopt the BRICS payment system when it goes live. Indeed, these foreign participants are looking to explore an expansion to Russia’s System for Transmitting Financial Messages (SPFS) platform.
Nabiullina said the system “is an alternative to SWIFT.” Moreover, she added, “Similar infrastructure exists in some other countries. We are holding discussions on the interaction of such platforms, but here the interest and technical readiness of our partners are important.”
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