Yesterday BRICS finance ministers and central bank governors met in Sao Paulo, Brazil. After the meeting, Russia’s Ministry of Finance said they discussed current payment systems being “used as a weapon of political and economic pressure.” Russia is currently the BRICS Chair. By the end of the year the Ministry and Bank of Russia will produce a report on the options for improving the international financial system. One of the initiatives could be a BRICS Bridge platform, said the Ministry. It didn’t explicitly mention digital currencies.
Specifically, the Ministry said, “We are talking about creating a multilateral digital settlement and payment platform.” However, Sputnik International, one of Russia’s English propaganda networks, went further. It said Finance Minister Anton Siluanov was ready to test digital currencies with China, the Eurasian Economic Union (EAEU) and the Gulf countries.
Another news outlet quoted Siluanov as saying, “The first thing to do is to create a connection to the existing central bank digital currency systems that are already operating in a number of countries. In parallel with this, national financial messaging systems need to be connected.”
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