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 <p>BRICS member Russia warns that the US dominance of global banks and leading financial institutions will soon come to an end. Russian President Vladimir Putin explained that Western-dominated technologies are becoming outdated, while BRICS is ushering into a new era replacing the traditional financial system with a new world order.</p> 
 <p><strong>Also Read: BRICS: China’s Central Bank Dumping US Dollar in the Currency Market</strong></p> 
 <p>Addressing a VTB Investment Forum in Moscow, Putin stressed that blockchain technology, among others, is being used for international payments. He suggested that the US dollar is no longer the primary currency and method of payment for cross-border transactions. Many other new technologies have emerged and BRICS will adapt to the changes putting the US dollar’s prospects in peril.</p> 
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 <p><strong>“According to experts, in the coming years this will lead to a real revolution that will finally undermine the monopoly of large Western banks,”</strong> Putin said. The <a rel="dofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a>n President added that several big financial institutions in the US are currently <strong>“not in the best condition.”</strong></p> 
 <p><strong>Also Read: BRICS: $2 Billion Copper Trade To Be Paid In Chinese Yuan, Not US Dollar</strong></p> 
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 <h2 class="wp-block-heading" id="h-brics-putin-says-new-payment-infrastructure-will-end-us-financial-dominance">BRICS: Putin Says ‘New Payment Infrastructure’ Will End US Financial Dominance</h2> 
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  <img decoding="async" width="1024" height="576" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="russia president vladimir putin" class="wp-image-102300 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp.webp 300w, https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp.webp 768w, https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp.webp 380w, https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp.webp 550w, https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp.webp 800w, https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp.webp 1160w, https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp.webp 1280w" data-srcset-img="https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp 1024w, https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp 300w, https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp 768w, https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp 380w, https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp 550w, https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp 800w, https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp 1160w, https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp 1280w" data-eio="j">
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   <img decoding="async" width="1024" height="576" src="https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp" alt="russia president vladimir putin" class="wp-image-102300" srcset="https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp 1024w, https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp 300w, https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp 768w, https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp 380w, https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp 550w, https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp 800w, https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp 1160w, https://cdn.thebittimes.com/images/2023/12/11/591059c6525a18b98315dde1107f5da1.webp 1280w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <p>The <a rel="dofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a>n President stressed that <a rel="dofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> is working on a new payment infrastructure to take on the US dollar. He revealed that the payment mechanism will be equipped with “cutting-edge” technology for seamless transfer of funds. The yet-to-be-launched payment system could be discussed at the next <a rel="dofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> summit in <a rel="dofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> in 2024.</p> 
 <p><strong>Also Read: India Makes Huge Announcement About Pakistan Joining <a rel="dofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a></strong></p> 
 <p><a rel="dofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> is taking all necessary steps to end the dominance of Western banks and its financial institutions, along with the US dollar. The alliance wants local currencies to dominate global trade and uproot the US dollar’s de facto reserve status. Read here to know how many sectors in the US will be affected if <a rel="dofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> stops using the dollar.</p> 
 <p>In conclusion, BRICS is advancing to eliminate the control that the US has on the world’s financial sector. The next few years will determine if they can succeed in its quest to be the global leader or not.</p> 
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<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>Russia</li>
  <li>US DOLLAR</li>
  <li>Vladimir Putin</li>
 </ul>
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/brics-putin-says-western-banking-dominance-will-end-tbt73254.html">https://thebittimes.com/brics-putin-says-western-banking-dominance-will-end-tbt73254.html</a></p>

BRICS: Putin Says Western Banking Dominance Will End

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