This market is part of the Humans v Bots Battle 2024, where AI forecasters will duke it out on the most important world questions of 2024. Can you beat the bots and snag part of the 250,000 Mana (~$2.5k) prize?
BRICS countries (Brazil, Russia, India, China, South Africa) are expanding their members, and trying to build an anti-western coalition.
This question is specific to the BRICS group's initiative under Russian chairmanship to develop an alternative payment system, which has been a point of discussion in light of the increasing use of the dollar and SWIFT system in geopolitical contexts. BRICS has long expressed interest in reducing its reliance on the US-dominated SWIFT system, especially after the West's sanctions on Russia highlighted its vulnerability. The August 2023 BRICS summit in Johannesburg saw the bloc commission its finance ministers to explore a BRICS payment system.
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@mods I propose this resolves to "No".
As per the Indian Gov. press release:
>We acknowledge the importance of exploring the feasibility of connecting BRICS countries’ financial markets infrastructure. We agree to discuss and study the feasibility of establishment of an independent cross-border settlement and depositary infrastructure, BRICS Clear, an initiative to complement the existing financial market infrastructure
I don't think this is an equivalent system to SWIFT which is a secure messaging network used by financial institutions to exchange information about financial transactions.
Regardless, say (1) is proven to be not true, I would strongly argue that, "agree to discuss and study the feasibility of establishment", is not sufficient for a positive announcement resolution.
For example, say the G7 released a statement along the lines of, "we have agreed to discuss and study a range of sanctions against Russia". Resolving this hypothetical question to "Yes" implies sanctions have been announced, when quite clearly no decision has been made.
@vitamind Appreciate the discussion below (and thanks for your patience). Market has been resolved to "No." While BRICS Clear was proposed at the Oct. 2024 summit as a complement to the existing financial infrastructure (https://sputnikglobe.com/20241025/global-finance-game-changer-find-out-what-brics-bridge-clear-and-pay-systems-have-to-offer-1120677030.html#:~:text=to%20complement%20the%20existing%20financial%20infrastructure)
Additionally, Putin has made remarks following the summit saying that BRICS countries have not created an alternative to Swift.
BRICS Clear
"66. We acknowledge the importance of exploring the feasibility of connecting BRICS countries’ financial markets infrastructure. We agree to discuss and study the feasibility of establishment of an independent cross-border settlement and depositary infrastructure, BRICS Clear, an initiative to complement the existing financial market infrastructure"
https://www.mea.gov.in/bilateral-documents.htm?dtl/38450/Kazan_Declaration__Strengthening_Multilateralism_For_Just_Global__Development_And_Security
@vitamind 's about to teach me something about wordings in international politics and betting markets
@SterettSeckman "discuss and study the feasibility" doesnt seem enough to resolve this "Yes", but again, there's no proper resolutioon criteria
@vitamind "discuss and study the feasibility" is indeed a huge red flag and if it just said that I would expect it to resolve NO. But because they've actually named the system, if I was the creator I'd end up feeling obliged to resolve this YES, because in the end the title is meaningfully true in ways that the lack of clear criteria doesn't exclude.
@JoshuaWilkes from description: "The August 2023 BRICS summit in Johannesburg saw the bloc commission its finance ministers to explore a BRICS payment system."
This is the exact same scenario but with a name slapped on it.
@JoshuaWilkes regardless, it looks like it's a clearing system alternative rather than an alternative to SWIFT.