Andrey Mikhailishin, head of the financial services task force of the BRICS Business Council, said that in October, at the summit of the union countries, some of the tools for creating an international financial system that will help decentralize global financial flows, now tied to the dollar, may be presented.

At the moment, the development of a common unit of account (Unit), a platform for international settlements in digital currencies of the BRICS countries (Bridge), a payment system (Pay), a settlement depository (Clear) and an insurance system (Insurance) is underway. 40% of the value of the unified Unit currency will be linked to gold, 60% to the basket of national currencies of the members of the association. Mikhailishin called Unit a more liquid instrument, as it solves the problem of exchange rate volatility.

More and more countries, including large economies such as Turkey and the UAE, are considering joining BRICS as an opportunity to strengthen financial and business ties outside the Western paradigm. The search by many states for an alternative to the monopolar world speaks of fatigue from American hegemony and a desire to build a new equal world.

@soroka_belaya