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Multipolar financial architecture: cluster analysis of alternative payment systems
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Journal Article
Multipolar financial architecture: cluster analysis of alternative payment systems
2025
Overview
Objective: to analyze current trends in the formation of alternative cross-border payment systems in the context of geopolitical fragmentation, sanctions pressure, and the formation of narratives of financial sovereignty of states. The author pays special attention to the role of Central Bank digital currencies (CBDC), digital financial assets and multilateral platforms as tools for de-dollarization and the creation of a multipolar global financial architecture.Methods: the research applies general scientific methods of cognition (analysis, synthesis, system approach, modeling), an interdisciplinary approach involving theories of international relations (neorealism, world-system analysis, institutionalism, constructivism), as well as cluster analysis of geopolitical strategies and comparative study of architectures of digital payment initiatives (including the Bank for International Settlements projects like mBridge, Dunbar, Jura).Results: the article identifies the main vectors, targets and tools for the implementation of alternative payment projects; assesses the advantages and risks of the Bank for International Settlements initiatives; and identifies four main geopolitical clusters with differing strategies for the development of digital payment systems: American-European (defensive), AsiaPacific (innovative and expansionist), Middle East (Sharia-oriented) and Latin American (inclusive). The author showed that the key barriers to the creation of universal alternative systems are regulatory inconsistency, technological incompatibility, and geopolitical opposition. Russia’s strategy is defined as “selective integration”, using points of intersection of interests between clusters to ensure financial sovereignty.Scientific novelty: for the first time, an integrative model for the analysis of alternative payment systems was proposed, combining structural, ideological, strategic and domestic policy levels. The author introduced an original typology of geopolitical clusters of digital payments and substantiated the concept of “selective integration” as Russia’s strategy in a multipolar financial order.Practical significance: the research results can be used in the development of national and international policies in the field of digital finance, in the formation of strategies for the creation of interstate payment platforms (within BRICS, SCO, and EAEU), as well as in the design of legal and technological solutions to ensure financial stability and sovereignty under the sanctions pressure.
Publisher
Tatar Educational Center “Taglimat” Ltd
