RATE Group | BRICS discussed the creation of a new cryptocurrency for payment between member states
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BRICS discussed the creation of a new cryptocurrency for payment between member states

15 Nov BRICS discussed the creation of a new cryptocurrency for payment between member states

Posted at 19:25h in Cryptocurrency News by

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  • 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…

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