BRICS discussed the creation of a new cryptocurrency for payment between member states
- Member nations of BRICS at a summit recently discussed the idea of introducing a new cryptocurrency.
- The idea of creating a single payment system for settlements between the member countries.
At a recent summit, BRICS discussed the idea of creating a new cryptocurrency, according to an official in attendance.
Financial news outlet in Russia, RBC, they reported that the director-general of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev said that the BRICS Business Council are supporting the idea of creating a single payment system for settlements between the member countries.
The member nations; Brazil, Russia, India, China and South Africa , reportedly are planning to develop a single payment transaction system between the member countries, which could be carried out in a still-to-be-developed “BRICS” cryptocurrency.
Dmitriev said:
An efficiently operating BRICS payment system is capable of stimulating settlements in national currencies and ensuring the stability of settlements and investments between our countries, which form more than 20% of the global influx of foreign direct investment.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
