Yesterday, Russian news agency RBC
reported that the BRICS Business Council supported a unified payment system for member countries. The system, suggested by the Russian Direct Investment Fund (RDIF), could facilitate settlements through a single BRICS “cryptocurrency”.
BRICS (Brazil, Russia, India, China, and South Africa) putting forward their own multinational digital currency is not a new idea. It
arose around September 2017 and continues to
appear every now and then. BRICS pay, a mobile payment app for member nations, was
announced in March. But a digital currency or settlement system has yet to come to fruition.
However, yesterday, RDIF Director General Kirill Dmitriev said that BRICS board members supported the creation of a new payment system to “ensure the stability of settlements and investments between our countries”.
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