Members Of BRICS Discuss The Creation Of A New Cryptocurrency

One official in attendance of a recent event said that members of BRICS – the international association with a group of emerging economies for development, financial assistance, support and other things – discussed the creation of a new cryptocurrency at a recent summit.

The cryptocurrency news came from the Russian financial news outlet RBC which reported that the director-general of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev on November 14 noted that the BRICS Business Council supported the idea of creating a single payment system for settlements between the member countries at the 11th annual BRICS Summit in 2019 which was held in Brazil.

The members of BRICS include countries such as Brazil, Russia, India, China and South Africa. They are all reportedly planning to develop a single payment transaction system between the member countries, which could be carried out in an upcoming “BRICS” cryptocurrency as the reports showed.

“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,” Dmitriev noted.

The director of the RDIF also pointed out that the development of the single payment system and its integration will be “an important factor in the economic partnership between the BRICS countries in the face of increasing non-market risks of the global payment infrastructure.”

The annual BRICS members summits continue to focus on a better unity between the member nations in many fields such as science, technology, innovation and digital economies. As it stands, crypto is one of the fields as well now, aims to advance the countries and their cooperation in the fight against organized crime, money laundering and drug trafficking.

The BRICS members are not the only ones considering developing a cryptocurrency. At the end of last month, the Association of German Banks (Bankenverband) also presented a position paper where they made several arguments for the creation of the digital Euro. The banks then said that a cryptography-based digital Euro should be created only if a concurrent, common and pan-European payments platform is also established.