BRICS, the five Nations group comprising Brazil, Russia, India, China, and South Africa, will work to create an independent payment system based on digital currencies and blockchain, reported Russian news agency TASS, citing Yury Ushakov, who is the Assistant to the President of Russia for Foreign Policy.
Ushakov said that the specific task for this year is to increase the role of BRICS in the international monetary and financial system.
BRICS officials emphasised the importance of establishing an autonomous BRICS payment system, leveraging state-of-the-art tools like digital technologies and blockchain. The priority is to ensure convenience for governments, individuals, and businesses, along with cost-effectiveness and non-political influences.
The goal is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics.
In the 2023 BRICS Summit's Johannesburg Declaration, the leaders set the focus of BRICS countries on increasing settlements in national currencies and strengthening correspondent banking networks to secure international transactions. "Work will continue to develop the Contingent Reserve Arrangement, primarily regarding the use of currencies different from the US dollar."
TASS also reported that Russia’s Finance Ministry, the Bank of Russia, and BRICS partners will create the BRICS Bridge multisided payment platform in an effort to improve the global monetary system.
In the last BRICS Summit, Brazil's President called for the BRICS nations to create a common currency for trade and investment between each other, as a means of reducing their vulnerability to dollar exchange rate fluctuations.
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