June 19, 2024

BRICS countries can create a single digital currency

The BRICS member countries (Brazil, Russia, India, China and South Africa) are considering the possibility of creating a singlepayment system and launch of digital currency. This was stated 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 groupfor Financial Services of the BRICS Business Council participated in the discussion of the possibility of using a single cryptocurrency for settlements between member countries. Such payments should be carried out through the BRICS payment system, the creation of which is now also being actively discussed», — Dmitriev reported.

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, byRDIF partners from China and India. The creation of the alliance will ensure synergy in the development of AI through the implementation of uniform standards by its participants, as well as through the formation of competence centers, one of which in Russia, by agreement with the government, is 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.