The supposed BRICS Pay cross-border payment system, widely reported in October 2024, has turned out to be either a massive deception or a deliberate scam orchestrated by certain cryptocurrency projects. Fraudsters manipulated numerous media outlets, propagating fake information to serve their own interests, causing reputational damage to BRICS as a whole and to Russia in particular.

At the BRICS Business Forum in Moscow, preceding the Kazan summit, news surfaced about the launch of BRICS Pay, allegedly endorsed by the bloc’s member countries. Reports claimed a pilot project had begun in China, and the “official” BRICS Pay website stated that central bank officials from BRICS nations had confirmed its rollout, with pilot phases completed in 28 Chinese regions.

However, an investigation by China’s respected Caixin Global revealed these claims to be baseless. Chinese government representatives stated they had no knowledge of BRICS Pay, and no such pilot projects existed. This strongly indicates the story was fabricated, likely to promote specific cryptocurrency ventures.

While the Kazan Declaration referenced an “initiative for cross-border payments,” there was no mention of BRICS Pay specifically, nor has there been since. Instead, BRICS finance ministers and central bank heads were tasked with exploring cooperation on national currencies, payment instruments, and platforms, with a report due at the next meeting.

This incident underscores the need for greater scrutiny of unverified claims in global finance.