Crypto Quill

Claims about a cross-border payment system called BRICS Pay, allegedly backed by the BRICS nations, have been revealed as a hoax by cryptocurrency promoters. The fabricated news spread during the BRICS summit held in Kazan, Russia, with reports suggesting the launch of a pilot project in China.

The so-called “BRICS Pay” system was touted as a new initiative to streamline international payments among the BRICS countries—Brazil, Russia, India, China, and South Africa—aimed at reducing reliance on traditional banking systems and enhancing trade between these emerging economies.

The narrative gained traction when it was promoted by cryptocurrency advocates who claimed that the BRICS nations were preparing to roll out a decentralized digital currency for cross-border transactions. However, experts have now labeled the entire venture a scam.

Fake Websites and Manipulated Promotions

At the heart of the scam was a fabricated website, which presented itself as the official platform for BRICS Pay, offering detailed information on the supposed system and its benefits. The site, along with promotional materials, was carefully constructed to look legitimate, borrowing design elements from actual government initiatives.

According to cybersecurity experts, the website was used to spread false information and promote manipulated cryptocurrency tokens, hoping to capitalize on the growing interest in digital payments among investors. These tokens, tied to the fake BRICS Pay project, were aggressively marketed to unsuspecting users.

Expert Warnings on Crypto Scams

Industry experts have raised alarm over the increasing number of such scams, particularly within the crypto space. They have pointed out that fake partnerships and bogus projects, like the BRICS Pay ruse, are increasingly common tactics used by bad actors to deceive investors and inflate the value of non-existent assets.

The exposure of this scam comes amid a surge in interest around digital currencies and decentralized finance (DeFi) solutions, with many seeing them as alternatives to traditional financial systems. However, experts warn that the lack of regulatory oversight and the decentralized nature of crypto markets make them a fertile ground for fraudulent schemes.