BRICS plans to create a payment system based on digital currencies and blockchain

On March 5, the Russian Presidential Assistant Yuri Ushakov announced that the BRICS member states plan to establish a payment system based on modern technologies such as digital currencies and blockchain.

The goal is to create an independent settlement payment system within the BRICS framework.

Ushakov highlighted the currency's convenience for states, the population, and businesses, which would not require significant costs and would be free from political influence.

He also noted the specific goal for this year is to enhance the role of association countries in the international monetary and financial system. Additionally, the official stated that efforts will be made to further develop a mechanism for a pool of conditional foreign exchange reserves, with a focus on using currencies other than the US dollar.

The presidential aide also expressed that the Russian Federation will continue to seek opportunities for unimpeded economic cooperation within the alliance, despite the sanctions imposed by the West.
On March 3, Ethiopian Ambassador to the Russian Federation Cham Ugala Uryat called for negotiations on the use of national currencies in trade between states. He expressed hope for early negotiations on this matter. According to him, the use of national currencies is a good format for cooperation. He cited Russia, China, India and Saudi Arabia as examples.

On February 28, the Ministry of Finance of the Russian Federation announced that, together with the Bank of Russia and partners within the framework of the BRICS association, it would prepare a number of initiatives. One of these initiatives is to consider the creation of a multilateral digital settlement and payment platform called BRICS Bridge. It was noted that the unification places special emphasis on increasing the use of national currencies in mutual payments and creating an independent, equally accessible financial infrastructure.

During a summit in Sao Paulo, Brazil, Deputy Minister of Finance of the Russian Federation Ivan Chebeskov stated that the majority of BRICS member countries support moving away from the US dollar towards settlements in national currencies.

On January 1, Russian President Vladimir Putin announced that approximately 30 countries expressed interest in joining BRICS. He stated that the association is gaining more support. During Russia's chairmanship this year, they will work to increase their role in the international monetary and financial system.
BRICS consists of ten countries: Russia, Brazil, India, China, South Africa, Egypt, Iran, United Arab Emirates (UAE), Saudi Arabia and Ethiopia.