Legal Aspects of the Creation and Functioning of the Payment System and Settlements in BRICS, Taking into Account the Experience of Other Payment Systems

The creation and organization of the functioning of alternative payment systems in modern conditions is considered as a possible solution to overcome modern challenges, the crisis of financial relations. Modern challenges arising in the sphere of international trade turnover and economic relations in general, entail discussions on the feasibility of using new methods of settlements, the use of cryptocurrencies, digital financial assets in crossborder relations. Payment systems in the designated context play a critical infrastructural role, ensuring the stability of international economic relations, in particular cross-border transactions. At the same time, the legal basis for the functioning of a particular international payment system must take into account the specifics of the national legislation of the member states of the system in terms of acceptable methods of payment, means of payment, administration of payment systems, etc. Comprehensive activities to harmonize the legal systems of the BRICS member states, legal support for the functioning of the payment system and cross-border settlements within BRICS must be carried out in parallel with or even ahead of the technological and infrastructural processes for launching the system. 

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