February 22, 2024

BRICS countries discussed the possibility of replacing the dollar with cryptocurrency

Russia, Brazil, India, China and South Africa are planning to issue their own digital money to reducethe share of settlements in US currency.

Within the BRICS group, a singlecryptocurrency payment system, said the head of the RDIF and a member of the BRICS business council, Kirill Dmitriev. According to him, this is necessary to stimulate settlements in national currencies and to avoid using the US dollar for these purposes, writes TASS.

“The BRICS countries are reducing the share of settlements in dollars. Over five years, the share of the dollar in foreign trade calculations in Russia decreased from 92% to 50%, and the ruble increased from 3% to 14%. RDIF, as the chairman of the working group on financial services of the BRICS business council, participated in the discussion of the possibility of using a single cryptocurrency for settlements between member countries, ”said Dmitriev.

The head of RDIF added that effectively workingThe BRICS payment system is capable of ensuring the stability of settlements and investments between the BRICS member countries, which form more than 20% of the global inflow of foreign direct investment.

In Russia, the cryptocurrency market has not yetis regulated. Earlier, Deputy Finance Minister Alexei Moiseev said that the relevant legislation would not be adopted until the end of this year due to a number of comments from various organizations.