Bitcoin and Ripple (XRP) are two of the most well-known cryptocurrencies, but they serve different purposes and operate on distinct technologies. While both are digital assets, their roles in the financial ecosystem are significantly different. This article explores the key contrasts between Bitcoin and Ripple, highlighting their unique characteristics and use cases.

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 1. Purpose and Use Cases

– **Bitcoin (BTC)**: Bitcoin was created as a decentralized digital currency, designed to act as a store of value and a medium of exchange without the need for intermediaries like banks. Its primary goal is to function as a peer-to-peer alternative to traditional currencies.

– **Ripple (XRP)**: Ripple is primarily a payment settlement and remittance system that aims to provide fast, low-cost international money transfers. XRP, the cryptocurrency used on the Ripple network, serves as a bridge currency to facilitate cross-border transactions between different fiat currencies. Ripple’s main objective is to improve the efficiency of the traditional banking system.

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 2. Technology and Structure

– **Bitcoin**: Utilizes a **proof-of-work (PoW)** consensus mechanism, where miners compete to solve cryptographic puzzles to validate transactions and secure the network. This process is slower and energy-intensive.

– **Ripple**: Operates on a **consensus ledger**, which is faster and more energy-efficient. Unlike Bitcoin, Ripple does not rely on mining. Instead, a network of trusted validators confirms transactions in just a few seconds.

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3. Transaction Speed

– **Bitcoin**: Transactions typically take around 10 minutes or more to confirm due to the mining process and block validation.

– **Ripple**: Transactions are settled in **3-5 seconds**, making Ripple a far superior option for fast international payments.

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4. Supply and Distribution

– **Bitcoin**: Bitcoin has a capped supply of **21 million BTC**, and new coins are created through mining. This process will continue until all Bitcoin is mined, estimated to happen around the year 2140.

– **Ripple**: XRP was pre-mined with a total supply of **100 billion tokens**. Ripple Labs, the company behind Ripple, controls the distribution and release of XRP into the market.

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5. Decentralization

– **Bitcoin**: Bitcoin is fully decentralized, with no central authority controlling it. It operates through a global network of miners and nodes, and its value comes from its community and market demand.

– **Ripple**: While Ripple’s transaction validation process is decentralized, **Ripple Labs** retains significant control over the release of XRP and plays a central role in its ecosystem. This makes Ripple more centralized compared to Bitcoin.

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6. Target Users

– **Bitcoin**: Bitcoin is primarily targeted at individuals looking for a decentralized, secure way to store and transfer value outside of government control.

– **Ripple**: Ripple is focused on **financial institutions** and banks, aiming to improve the efficiency of cross-border payments and settlements.

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7. Adoption and Use

– **Bitcoin**: Bitcoin has widespread adoption as a digital currency and store of value. It is accepted by a growing number of merchants and is often referred to as “digital gold.”

– **Ripple**: Ripple is predominantly used by banks and financial institutions for cross-border payment settlements. It is not commonly used by individual consumers for everyday transactions.

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 8. Energy Usage

– **Bitcoin**: Due to the energy-intensive mining process, Bitcoin consumes a significant amount of energy, which has raised environmental concerns.

– **Ripple**: Ripple consumes much less energy as it does not rely on mining, making it a more sustainable solution for financial transactions.

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9. Price Volatility

– **Bitcoin**: As a speculative asset, Bitcoin is known for its high levels of price volatility, influenced by market demand and investor sentiment.

– **Ripple**: XRP tends to be less volatile than Bitcoin, as it is focused on being a stable asset for use in financial transactions and partnerships with large institutions.

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Conclusion

**Bitcoin** is a decentralized cryptocurrency primarily designed as a store of value and a medium of exchange. It aims to disrupt the traditional financial system by offering an alternative to fiat currencies.

**Ripple (XRP)**, on the other hand, is a centralized solution for improving cross-border payment systems, aiming to work with the financial industry rather than disrupt it. Ripple’s primary focus is on fast, cost-effective international transfers.

While both Bitcoin and Ripple are leading names in the cryptocurrency space, they cater to different audiences and serve distinct purposes. Bitcoin seeks to revolutionize personal finance by providing individuals with a decentralized alternative, whereas Ripple aims to enhance and modernize the global banking system.

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This detailed comparison highlights how Bitcoin and Ripple occupy different spaces in the evolving world of digital currencies, each with its unique strengths and focus areas.

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Imam Al-Ghazali رحمه الله eloquently stated in his magnum opus, Iḥyāʾ ʿulūm al-dīn: “Allah Subhanahu wa Ta’ala has created dinars and dirhams as just arbiters between all commodities, that all wealth may be measured through them.” This profound hikma underscores the intrinsic value and stability provided by currencies based on the Sunnah.

[Source: Volume 4, Book 34, “Kitab Adab al-Kasb wal-Ma’ash”]

Qur’anic Foundations for Gold and Silver Currency

The Holy Qur’an, in its divine wisdom, explicitly mentions the use of gold and silver as mediums of exchange and measures of value. Allah Subhanahu wa Ta’ala says in Surah Al-Tawbah:

“…And there are those who hoard gold and silver and spend it not in the way of Allah. Announce unto them a most grievous penalty.” [9:34]

This ayah not only acknowledges gold and silver as forms of wealth but also emphasizes their importance in economic transactions and charity. Furthermore, in Surah Al-Kahf, Allah mentions:

“…So send one of you with this silver coin of yours to the city…” [18:19]

This verse from the story of the People of the Cave explicitly mentions the use of silver coins (wariq) for purchasing food, demonstrating the Quranic recognition of precious metals as currency.

Additionally, the concept of paying Zakat in gold and silver is rooted in the Qur’an and Sunnah. The Prophet Muhammad ﷺ said:

“There is no Sadaqah (Zakat) on less than five Awsuq, or less than five camels, or less than five Awaq.” [Sahih al-Bukhari]

Here, ‘Awaq’ (plural of uqiyah) refers to a specific weight measure in Islamic jurisprudence. An uqiyah is equivalent to 40 dirhams, and 5 awaq is equal to 200 dirhams of silver. This hadith establishes the nisab (minimum amount) for Zakat on silver, further solidifying the Islamic basis for using precious metals as currency and a measure of wealth.

The Sunnah of Gold and Silver in Islamic History

During the Khilafah of Umar ibn Al-Khattab رضي الله عنه, the dar al-Islam witnessed the minting of gold dinars and silver dirhams, establishing the foundations of halal trade and commerce. These currencies were not merely worldly symbols, but embodiments of adl (justice) and amanah (trust). Unlike the gharar-laden fiat currencies or digital alternatives, gold and silver possess qimah haqiqiyyah (intrinsic value), protected from the riba and maysir that plague modern economic systems.

The Virtues of Physical Gold and Silver

1. Qimah Dhātiyyah (Intrinsic Value): Gold and silver are universally recognized for their inherent worth, unlike paper money which can be printed at will by the tawaghit (oppressive rulers).
2. Protection from Riba: Historically, gold and silver have been effective shields against the haram of inflation, preserving the ummah’s wealth.
3. Istiqbal Mali (Financial Independence): Ownership of physical gold and silver provides Muslims with a measure of financial autonomy, freeing them from the shackles of riba-based banking systems.
4. Compliance with Shariah: The use of gold dinars and silver dirhams aligns with the maqasid al-Shariah, promoting adl and qist in muamalat.

The Dangers of Central Bank Digital Currencies (CBDCs)

CBDCs, while technologically advanced, present several risks that could undermine the maslahah (public interest) and infringe upon personal financial autonomy:

1. Centralised Tahakkum (Control): CBDCs are controlled by central banks, potentially leading to zulm (oppression) and violation of privacy.
2. Economic Manipulation: The ease of creating and controlling digital currencies may lead to economic fitna, impacting inflation rates unpredictably.
3. Vulnerability to Cyber Threats: Digital currencies are susceptible to modern forms of sariqa (theft) through cyberattacks.

A Call to Action for the Ummah

It is crucial for Muslims worldwide to consider the maslahah of reverting to the use of physical gold dinars and silver dirhams. These currencies, sanctioned by the Qur’an and Sunnah, offer not only economic stability but also resonate with the akhlaq and religious principles that underpin Islamic finance.

As we navigate the complexities of the modern financial nizam, let us draw inspiration from the hikma of Imam Al-Ghazali رحمه الله and the practices established during the Khilafah of Umar رضي الله عنه. By embracing gold and silver, we can safeguard our rizq, uphold our deen, and contribute to a just and stable economic future for the Ummah.

In conclusion, let us move forward with baseera (insight) and hikma, ensuring that our mu’amalat reflects the enduring principles of adl, amanah, and integrity as prescribed by our deen and exemplified in the use of gold and silver currency.

Wallahualam.

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What is the PGII?

The PGII is a collaborative effort by the G7 nations to mobilise substantial financial resources for infrastructure projects in low- and middle-income countries. The initiative emphasises sustainability, transparency, and high standards in investment, aiming to foster economic growth and development in these regions. With commitments potentially amounting to hundreds of billions of dollars, the PGII seeks to offer a viable alternative to the Chinese BRI, which has been a key component of China’s global strategy over the past decade.

Impact on China’s Belt and Road Initiative

China’s BRI has been instrumental in expanding its economic and geopolitical reach through large-scale infrastructure projects across Asia, Africa, and Latin America. However, the initiative has faced criticism for creating debt dependency, lacking transparency, and sometimes delivering subpar project outcomes. The PGII, by offering competitive and transparent financing, addresses these issues, providing recipient countries with an attractive alternative.

1. **Economic Competition**: The PGII introduces robust competition to the BRI. With substantial financial backing from the G7, countries seeking infrastructure development now have an alternative to Chinese investment, which could slow China’s economic expansion in key regions.

2. **Geopolitical Influence**: The PGII signifies a strategic effort by the G7 to strengthen ties with developing nations. This could diminish China’s growing geopolitical influence by creating a counterbalance through Western-led investments, fostering a more multipolar approach to global development.

3. **Standards and Transparency**: Emphasising high standards and transparency, the PGII addresses a critical point of contention with the BRI. This focus on ethical investment practices could sway countries to favour PGII projects over BRI ones, impacting China’s role in international development.

Implications for BRICS

The PGII could also influence the internal dynamics of the BRICS nations (Brazil, Russia, India, China, and South Africa). Countries such as India, which have strategic reservations about China’s dominance, might find the PGII a beneficial counterbalance, potentially altering economic alignments within the group. This could lead to a more diversified economic strategy among BRICS nations, mitigating China’s dominant influence.

Conclusion

The Partnership for Global Infrastructure and Investment is a transformative initiative in global infrastructure development, providing a substantial counterweight to China’s Belt and Road Initiative. By focusing on sustainability, transparency, and high standards, the G7 aims to reshape the landscape of global investment, offering developing countries credible alternatives to Chinese financing. As this initiative unfolds, it will be crucial to observe its impact on global economic and geopolitical dynamics, particularly in relation to China’s strategic ambitions and the BRICS coalition.

For further details, please refer to the [White House fact sheet] 
on the PGII.

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In a groundbreaking development, Russia and Iran have officially severed ties with the SWIFT system, marking a pivotal departure from the Western-dominated transaction framework. Mohsen Karimi, Deputy Head of the Central Bank of Iran (CBI), made this announcement, revealing that both nations have embraced a direct interbank transfer mechanism.

During an interview on Iranian state television, Karimi highlighted the transformative nature of the new system, allowing companies in Russia and Iran to engage in trade using their respective national currencies, thereby eliminating the dependence on the dollar or euro. This strategic shift has intricately linked the financial correspondence networks of the two countries, rendering intermediaries like Switzerland obsolete for communication between their banks.

Karimi explained, “The banks of our two countries no longer need Switzerland to communicate with each other, and commercial banks of both countries can establish brokerage relations directly.” He emphasized the practical implications, stating that Iranian exporters can now issue invoices to their Russian counterparts in rials, receiving payments through Russian banks based in Iran. Crucially, the system also facilitates transactions in Russian rubles.

This move signifies not only a departure from traditional Western-centric financial systems but also the establishment of a more direct and sovereign channel for economic interactions between Russia and Iran. By passing the SWIFT system, these nations are forging a new path in international trade, promoting increased autonomy and flexibility in their financial dealings.

The switch to a direct interbank transfer mechanism reflects a growing trend among sanctioned countries seeking alternatives to Western-dominated financial infrastructures, ushering in a new era in global economic relations. Russia and Iran’s bold step underscores the changing dynamics in the geopolitical and economic landscape, as nations explore innovative solutions to enhance their financial independence and bolster international partnerships.

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Introduction:

In a significant development under the governance of the Islamic Emirate of Afghanistan, Acting Minister of Industry and Trade, Nooruddin Azizi, declared the abolition of all usury systems in the country. This announcement reflects the commitment of the Islamic Emirate to uphold the principles of the Islamic system through lawful and ethical means.

Abolishing Usury Systems:

Acting Minister Nooruddin Azizi emphasized the eradication of usury systems, a move aligned with Islamic financial principles. Usury, commonly known as “riba” in Islamic finance, refers to the charging or payment of interest, which is prohibited in Islam. The decision to abolish usury reflects the Islamic Emirate’s dedication to establishing an economic system that adheres to Islamic values and principles.

Commitment to the Islamic System:

The Acting Minister reiterated the commitment of the Islamic Emirate to fulfill all requirements of the Islamic system through lawful methods. This commitment extends to various aspects of governance, including economic policies that prioritize fairness, justice, and adherence to Islamic financial principles.

Islamic Finance Principles:

Islamic finance principles are rooted in Sharia law, aiming to create an economic system that promotes ethical and equitable practices. The prohibition of usury is a fundamental tenet of Islamic finance, promoting economic justice and preventing exploitation. Instead of traditional interest-based systems, Islamic finance encourages profit-sharing, risk-sharing, and ethical investment practices.

Global Implications:

The decision to abolish usury systems in Afghanistan holds broader implications for the global financial landscape. It showcases the Islamic Emirate’s dedication to establishing an economic model that prioritizes ethical considerations over profit motives. This move aligns with the growing global interest in ethical and sustainable finance, with Islamic finance principles offering an alternative framework that emphasizes social responsibility.

Conclusion:

The announcement by Acting Minister Nooruddin Azizi marks a significant step by the Islamic Emirate of Afghanistan towards implementing Islamic finance principles and abolishing usury systems. As the country seeks to rebuild and establish its governance, this move reflects a commitment to an economic system rooted in justice, fairness, and adherence to Islamic values. The global community will be keenly observing how these principles shape Afghanistan’s economic landscape in the coming years.

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The BRICS Alliance and Its Economic Significance:

The BRICS alliance, consisting of Brazil, Russia, India, China, and South Africa, represents a collective force challenging the traditional dominance of Western economies. These nations have sought to foster collaboration on economic, political, and strategic fronts, with a vision of reshaping the global financial order.

China’s Recent Actions:

Recent reports suggest that China, a linchpin of the BRICS coalition, has executed a series of transactions involving the aggressive sale of US dollars over a three-day period. This move is seen as a deliberate attempt to diversify its foreign exchange reserves and reduce dependency on the US currency.

Implications for the US Dollar:

The US dollar has long served as the world’s primary reserve currency, providing the United States with significant economic advantages. However, China’s strategic divestment raises questions about the dollar’s enduring dominance and could potentially signal a shift toward a more multipolar monetary system.

Possible Motivations:

China’s decision to dump US dollars may be driven by various factors. One key consideration is the ongoing geopolitical tensions between China and the United States, particularly in the realms of trade and technology. By reducing its exposure to the US dollar, China aims to insulate itself from potential economic repercussions arising from these conflicts.

Additionally, China’s move aligns with its broader efforts to internationalize its currency, the yuan (renminbi). A reduced reliance on the US dollar could bolster the yuan’s standing on the global stage, potentially challenging the dollar’s role as the dominant reserve currency.

Market Reactions and Speculations:

Global financial markets have reacted to China’s actions with a mix of uncertainty and speculation. Analysts are closely monitoring the potential ripple effects on exchange rates, commodity prices, and the overall stability of the international monetary system.

While some experts argue that China’s move may be a tactical response to recent US economic policies, others posit that it signifies a more profound reorientation in the dynamics of global finance. The impact of these developments is likely to unfold over time, with consequences for various stakeholders in the international arena.

Conclusion:

China’s aggressive divestment of US dollars over a three-day period has ignited discussions about the future of the global monetary order. As a key player in the BRICS alliance, China’s actions could influence the trajectory of international finance, challenging the longstanding dominance of the US dollar. The coming weeks and months will reveal the true extent of these developments and their implications for the evolving landscape of global economics.

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Background:

The BRICS, initially known as “BRIC” before the inclusion of South Africa in 2010, represents a coalition of major emerging national economies. The alliance aims to foster economic cooperation, political dialogue, and mutual support on key global issues. However, India’s recent signals indicate that the harmony within this formidable group may be facing a test.

India’s Hints:

While official statements have yet to explicitly outline India’s opposition, diplomatic circles have been abuzz with speculation. Sources suggest that India is expressing concerns over Pakistan’s potential BRICS membership, citing geopolitical differences and historical disputes as primary reasons.

Potential Veto:

The possibility of India employing its veto power to obstruct Pakistan’s entry into the BRICS has become a subject of international intrigue. India’s standing within the group, coupled with its strategic significance, gives it the authority to sway decisions. A veto from India could stall Pakistan’s aspirations of joining this influential economic and political consortium.

Geopolitical Tensions:

The historical and ongoing tensions between India and Pakistan have spilled over into various international forums. The BRICS, which serves as a platform for member nations to find common ground, may find itself grappling with the complexities of regional rivalries. Balancing the diverse interests of member countries while addressing geopolitical challenges has always been a delicate task for the alliance.

Implications for BRICS:

The potential discord within the BRICS regarding Pakistan’s inclusion raises questions about the bloc’s ability to navigate diplomatic intricacies successfully. While the alliance has weathered challenges in the past, a disagreement of this nature may impact the group’s cohesion and effectiveness on the global stage.

Global Ramifications:

The BRICS, representing a significant portion of the world’s population and economic output, plays a crucial role in shaping international discourse. The inclusion or exclusion of a member has far-reaching consequences. If India were to veto Pakistan’s entry, it could lead to a reevaluation of the BRICS’s role in addressing geopolitical tensions and fostering global cooperation.

Conclusion:

As India subtly hints at its contention against Pakistan’s BRICS inclusion, the diplomatic landscape within the alliance faces a potential reshaping. The decision, when it unfolds, will not only impact the dynamics of the BRICS but also reverberate across the global geopolitical spectrum. The world watches with bated breath to see how the BRICS navigates this diplomatic challenge and whether it emerges stronger or faces fractures in its united front.

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Introduction: In the heart of the occupied Palestinian territory (oPt), beneath the surface of Area C in the West Bank and the Mediterranean coast off the Gaza Strip, lie vast and untapped reserves of oil and natural gas. These resources, recently brought to light by geologists and resource economists in a UNCTAD study, hold the potential to transform the socioeconomic landscape of the oPt and foster cooperation among regional stakeholders. This article explores the significance of these discoveries and their potential impact on the Palestinian people and the wider region.

The Unexplored Potential: The Levant Basin, a geological marvel, hosts newfound natural gas reserves totaling an estimated 122 trillion cubic feet, along with approximately 1.7 billion barrels of recoverable oil. These resources, if harnessed effectively, could generate a staggering US$524 billion in revenue. This windfall presents a unique opportunity to bolster the Palestinian economy, provide sustainable energy solutions, and contribute significantly to regional stability.

Barriers to Progress: Despite the promise these reserves hold, the Palestinian people have been systematically prevented from capitalizing on their own natural wealth. Occupation-related restrictions have denied them the ability to meet their energy needs, hindering economic growth and development. The exploitation of these resources by Israel further exacerbates the economic disparity, imposing substantial costs on the Palestinian population.

A Path to Socioeconomic Development: Unlocking the potential of these reserves could mark a turning point for the oPt. The generated revenue could be channeled into critical sectors such as education, healthcare, infrastructure, and technology, improving the quality of life for Palestinians. Additionally, investment in renewable energy initiatives could create jobs and promote sustainable development, laying the groundwork for a more prosperous future.

Regional Cooperation and Peacebuilding: Beyond its potential to elevate the Palestinian economy, the strategic management of these resources could pave the way for regional cooperation and peace. A transparent and equitable approach to resource distribution, involving all stakeholders, could foster trust and collaboration among historically divided parties. Shared economic interests could provide a common ground for dialogue and reconciliation, creating a conducive environment for lasting peace in the region.

Challenges and the Way Forward: The challenge lies in navigating the complexities of ownership, resource allocation, and international regulations. Addressing these challenges requires a comprehensive approach, involving detailed legal frameworks and international cooperation. Furthermore, promoting awareness about the potential benefits of these resources among the Palestinian population and the international community is crucial to garnering support for their responsible utilization.

Conclusion: Palestine’s untapped oil and natural gas reserves offer a beacon of hope for a brighter future amid longstanding challenges. By harnessing these resources wisely, the Palestinian people can overcome economic hurdles, foster regional cooperation, and pave the way for a more peaceful and prosperous Middle East. International support, coupled with a commitment to transparent and equitable resource management, holds the key to unlocking the full potential of Palestine’s energy wealth, empowering its people, and contributing to regional stability.

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The Challenge to Dollar Supremacy

For decades, the US dollar has reigned supreme as the world’s primary reserve currency, giving the United States substantial influence in global economic matters. However, the BRICS nations, with their combined economic might and influence, are now challenging this hegemony. The launch of the BRICS Pay system signifies a collective effort to establish an alternative payment mechanism, reducing their reliance on the dollar and fostering greater financial independence.

Breaking Free from Dollar Dependency

The BRICS Pay system is more than just a payment platform; it symbolizes a shift in economic power dynamics. By transacting in their own currencies within this framework, BRICS nations aim to reduce their vulnerability to US economic policies and sanctions. This move not only enhances their financial sovereignty but also promotes a more balanced global economic order.

Promoting Trade and Investment Among BRICS Nations

One of the key objectives of BRICS Pay is to facilitate seamless trade and investment among member countries. By simplifying cross-border transactions and eliminating the need for dollar conversion, businesses within BRICS nations can conduct transactions more efficiently. This streamlined process is expected to boost economic cooperation, encourage investments, and foster innovation, ultimately leading to shared prosperity.

Enhancing Economic Resilience

The BRICS Pay system serves as a shield against economic uncertainties. By reducing their dependence on the US dollar, these nations are better positioned to weather financial storms, ensuring economic stability even amid global market fluctuations. This resilience not only protects their economies but also contributes to the overall stability of the global financial system.

Challenges and Opportunities

While the launch of BRICS Pay presents a formidable challenge to the US dollar’s supremacy, it is not without hurdles. Adapting to a new payment system requires synchronization, collaboration, and trust among member nations. Additionally, there may be resistance from established financial institutions accustomed to the existing monetary order.

However, the opportunities far outweigh the challenges. BRICS nations have a chance to reshape the financial landscape in a way that aligns with their collective vision. As they work together to refine the BRICS Pay system, they can foster innovation in financial technology, strengthen economic ties, and promote mutual growth.

Conclusion

The launch of the BRICS Pay system marks a pivotal moment in the global financial arena. As these nations challenge the existing monetary order, they are not merely striving for economic independence; they are laying the foundation for a more inclusive and balanced global economy. The success of BRICS Pay represents not only a triumph for these emerging economies but also a step toward a more multipolar world where economic power is shared, creating a more stable and prosperous future for all.

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