BRICS countries discuss common cryptocurrency and payment system

As a tool for settlement between BRICS members (Brazil, Russia, India, China and South Africa) it can bea single cryptocurrency was used, reportedDirector General of the Russian Direct Investment Fund (RDIF), member of the BRICS business council Kirill Dmitriev. The BRICS Summit is being held in Brazil with the participation of heads of state.

“BRICS countries are reducing the share of payments in dollars.In Russia, over five years, the share of the dollar in foreign trade payments decreased from 92% to 50%, and the ruble increased from 3% to 14%. RDIF <…> participated in the discussion of the possibility of using a single cryptocurrency for making payments between member countries,” Mr. Dmitriev told reporters at the BRICS summit (quoted by TASS). The head of the RDIF believes that such payments should be made through the BRICS payment system.

According to Kirill Dmitriev, the creation of suchsystem "is now also actively discussed." “RDIF, as the chairman of the working group on financial services of the BRICS business council, discussed the creation of the BRICS payment system. Support was received from members of the business council in this matter, ”he added.

The XI BRICS summit is taking place on November 13 and 14 inBrasilia. The Russian delegation of 80 people is led by President Vladimir Putin. Foreign Minister Sergei Lavrov and Energy Minister Alexander Novak flew to Brazil with him. In 2020, the BRICS summit will be held in St. Petersburg.

Source: Kommersant (https://www.kommersant.ru/doc/4157522?utm_source=yxnews&utm_medium=desktop&utm_referrer=https%3A%2F%2Fyandex.ru%2Fnews)