The Shanghai Cooperation Organization (SCO) is actively discussing a unified payment system to promote the use of national currencies, aligning with BRICS‘ broader goals to counter Western economic dominance. In an interview with Izvestia, SCO Secretary-General Zhang Ming outlined current informal talks focused on implementing this payment system to facilitate cross-border transactions without relying on the U.S. dollar.
During the 2022 Samarkand Summit, SCO leaders approved a strategy to boost national currency use among member states. Zhang noted ongoing progress, stating, “Work in this area is actively progressing.” Formed in 2001, the SCO is a coalition centered on security, economic collaboration, and political stability, with key members such as China, Russia, and India. Like BRICS, the SCO aims to foster a multipolar global economic structure, lessening Western financial influence.
Zhang shared that a specialized working group, which includes central banks and finance ministries of member countries, is working on this initiative. This effort also includes the SCO Interbank Consortium, which seeks non-governmental support to tackle challenges around political coordination and technical alignment. Zhang emphasized that creating a unified payment system is complex but remains optimistic about continued advancements.
Meanwhile, BRICS is taking similar steps to reduce U.S. dollar dependence by promoting national currencies in trade and exploring a unified payments platform. Recently, BRICS leaders discussed an alternative international payment system, including a potential shared digital currency, at their summit.
