BRICS countries discuss common cryptocurrency and payment system

A single cryptocurrency can be used as a tool for settlement between BRICS members (Brazil, Russia, India, China and South Africa), said Kirill Dmitriev, Director General of the Russian Direct Investment Fund (RDIF), member of the BRICS business council. The BRICS Summit is being held in Brazil with the heads of state participation.

“The BRICS countries are reducing the share of settlements in dollars. Over five years, the share of the dollar in foreign trade calculations in Russia decreased from 92% to 50%, and the ruble increased from 3% to 14%. RDIF participated in the discussion of the possibility of using a single cryptocurrency for settlements between member countries” – Mr. Dmitriev told reporters at the BRICS summit. The head of the RDIF believes that such calculations should be carried out through the BRICS payment system.

According to Kirill Dmitriev, the creation of such a system “is now also being actively discussed.” “RDIF, as the chairman of the working group on financial services in the BRICS business council, discussed the creation of the BRICS payment system. Support was received from members of the business council in this matter” – he added.

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The 11th BRICS Summit is being held on November 13 and 14 in Brasilia. The Russian delegation (80-member ) is led by President Vladimir Putin. Together with him, Foreign Minister Sergei Lavrov and Minister of Energy Alexander Novak flew to Brazil. In 2020, the BRICS summit will be held in St. Petersburg.

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