March 2, 2021

BRICS countries can create a single digital currency

The member countries of the BRICS group (Brazil, Russia, India, China and South Africa) are considering the possibility of creating a single payment system and launch of digital currency. This was announced to TASS by the head of the Russian Direct Investment Fund (RDIF), a member of the BRICS business council, Kirill Dmitriev.

“RDIF as Chairman of the working group onThe financial services of the BRICS business council participated in the discussion on the possibility of using a single cryptocurrency for settlements between member countries. Such calculations should be carried out through the BRICS payment system, the creation of which is now also under active discussion ”- said Dmitriev.

According to him, a single payment system will becomean incentive for the growth of settlements in national currencies, which will ensure a stable economic partnership between the BRICS countries, which form more than 20% of the global influx of foreign direct investment.

Dmitriev also said that BRICS members intend to create an alliance for the development of artificial intelligence:

“High interest was shown, in particular, by partnersRDIF from China and India. The creation of the alliance will ensure synergies in the development of AI through the introduction of common standards by its participants, as well as through the formation of centers of competence, one of which in Russia, by agreement with the government, becomes the RDIF. ”

The international BRICS organization was founded in 2006. It includes countries with fast-growing economies and large markets. Countries cover 43% of the world's population.

Recall that the EU is also increasingly calling for the creation of its own digital currency of the EU.