{"id":147016,"date":"2026-09-08T17:54:09","date_gmt":"2026-09-08T15:54:09","guid":{"rendered":"https:\/\/instituto.choiseul.es\/brics-pay-fragmentation-of-the-financial-order\/"},"modified":"2026-09-08T17:54:09","modified_gmt":"2026-09-08T15:54:09","slug":"brics-pay-fragmentation-of-the-financial-order","status":"publish","type":"post","link":"https:\/\/instituto.choiseul.es\/en\/brics-pay-fragmentation-of-the-financial-order\/","title":{"rendered":"BRICS Pay: fragmentation of the financial order"},"content":{"rendered":"
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BRICS Pay: Fragmentation of the Financial Order<\/h1>\n

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The BRICS alliance has formalized the operational launch of BRICS Pay, a cross-border payment infrastructure based on blockchain technology and central bank digital currencies (CBDC).<\/p>\n

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September 08, 2026  |  3 min read<\/p>\n

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This system allows for the settlement of commercial transactions directly in national currencies, bypassing traditional correspondent banking architecture and the SWIFT messaging system. The platform integrates founding economies with the bloc’s new members, establishing a parallel financial circuit that avoids US dollar clearing.<\/p>\n

The technical deployment coincides with a coordinated reduction of Western currency reserves by the central banks of China, India, and Russia. This maneuver has generated selling pressure in the U.S. Treasury bond market, raising yields and altering global interest rate curves. The BRICS Pay architecture utilizes distributed ledgers to ensure immediate operations and reduce intermediation costs, eliminating the need for custodian banks in Western jurisdictions for operations within the bloc.<\/p>\n

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Monetary Sovereignty and Infrastructure Duality<\/h2>\n

The operability of BRICS Pay consolidates the fragmentation of the international financial system into two distinct technical and regulatory blocs. For Spanish companies with interests in emerging markets, this scenario alters treasury risk management and regulatory compliance. The existence of an infrastructure that bypasses the SWIFT system reduces the effectiveness of traditional economic sanctions as a political pressure tool, but forces exporting companies to duplicate their operational capabilities to maintain connectivity with clients in these geographies.<\/p>\n

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