System Built Outside SWIFT: The Exact Movie XRP Holders Have Been Watching

Crypto investor and commentator Pumpius has highlighted a connection between recent BRICS initiatives on cross-border payments, central bank digital currencies, and financial reform and the thesis that XRP could play a role in a new global payments system.

His post points to developments involving India, BRICS, and international payment infrastructure, while presenting them as evidence of a trend XRP holders have followed for years.

Pumpius tweeted, “THEY ARE NOT EVEN HIDING IT ANYMORE.” He then pointed to India’s proposal to explore links between BRICS digital currencies through initiatives he described as mBridge, now BRICS Bridge, and BIS Project Nexus.

India Pushes CBDC Interoperability

India’s Reserve Bank has explored greater interoperability between the central bank digital currencies of BRICS members. The proposal focuses on connecting sovereign digital currencies to support cross-border trade and settlement.

India’s e-rupee forms part of this effort. The broader objective is to create payment infrastructure that can facilitate international transactions using digital versions of national currencies.

Pumpius connected this development to the XRP thesis that has circulated among crypto investors since 2018. He argued that the emergence of cross-border CBDC infrastructure resembles the payment architecture XRP supporters have anticipated.

However, the initiatives mentioned in the post are not all parts of one system. mBridge remains a separate BIS-led multi-CBDC project involving participating central banks. It was not simply renamed BRICS Bridge. BRICS Bridge is a separate concept associated with efforts within the BRICS group to improve cross-border payment connectivity.

Project Nexus also has a broader scope. The BIS developed Nexus as a framework for connecting domestic instant payment systems across countries. India’s UPI is among the systems associated with the initiative.

BRICS Seeks Changes To Global Financial Institutions

Pumpius also referenced calls from BRICS finance chiefs for reforms to the International Monetary Fund and World Bank.

BRICS finance ministers and central bank governors have called for an urgent reform of the Bretton Woods institutions. Their position seeks greater representation for emerging market economies through changes to quota and voting structures.

The push forms part of wider BRICS efforts to strengthen the role of emerging economies in global financial decision-making.

Pumpius tied these developments to creating payment infrastructure that can reduce reliance on established systems. He wrote, “The e-rupee, cross-border CBDC rails, and a payment system built outside SWIFT… this is the exact movie the XRP holders have been watching on repeat since 2018.”

XRP Connection Remains A Separate Question

The developments resemble several use cases that XRP proponents have promoted for years, particularly cross-border settlement, liquidity, and interoperability between different currencies.

However, the systems described in these initiatives do not establish that BRICS or its member countries are adopting XRP or the XRP Ledger. CBDC projects generally use sovereign-issued digital currencies and permissioned infrastructure designed for central bank requirements.

These developments support expanding CBDC interoperability and efforts to improve cross-border payment infrastructure. The claim that these initiatives represent an adoption of XRP remains separate from those developments.