BRICS, a group of the five largest developing countries – Brazil, Russia, India, China and South Africa, proposed the creation of cryptocurrency for settlements on payment transactions, as well as the development of a unified payment system for BRICS.
Cryptocurrency and payment system from BRICS
On November 14, Russian media reported: the Director General of the Russian Direct Investment Fund, Kirill Dmitriev said that the BRICS council supported the idea of creating a single payment system for settlements between the participating countries at the eleventh annual BRICS summit in 2019, in Brazil.
Cryptocurrency news, it is reported that participating countries plan to create a single payment system, and then make settlements on transactions in a single cryptocurrency, said Dmitriev, adding that the BRICS council successfully supported this idea.
“An efficiently operating BRICS payment system is able to stimulate settlements and ensure stability of investments between our countries, which make up more than 20% of the global inflow of foreign direct investment,” said Dmitriev.
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