January 27, 2023

BRICS countries support the idea of ​​a single digital currency

BRICS countries support the idea of ​​a single digital currency

Members of the international group of BRICS countries, which include Russia, China, India, Brazil and South Africa, plan create your own cryptocurrency for payments between countries.

At the last Alliance Summit in Brazil, BRICS participants spoke about ways to reduce their dependence on the US dollar and reduce the share of payments in US currency.

Among other possibilities, the issue of creating your own cryptocurrency and a single payment system for mutual settlements was discussed.

Details of the proposed payment systemare still unknown, but according to the head of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev, recently the global payment infrastructure has become increasingly risky. This stimulates the development of alternative payment systems for BRICS.

Recall that China is the first to launch the digital currency of the central bank (CBDC).

The Central Bank of Russia stated that there is no obvious need for a national cryptocurrency, and also that cryptocurrencies do not pose a global threat to the country's financial stability.

If BRICS succeeds in implementing plans to createdigital currency for its payments, this will be another positive factor for the crypto industry and confirmation of the advantages of digital assets over fiat currencies.