Five Nation Group Mulling over Cryptocurrency Plans to Tackle USD Dominance

Brazil, Russia, India, China, and South Africa or popularly known as BRICS, are backing the idea of a common payment system. The 11th BRICS summit is currently underway in Brazil.

The set up would enable seamless trade between the countries and also tackle the dominance of the US dollar in the international markets.

Reportedly, the idea of a common cryptocurrency for the five nations has been discussed as well. However, the head of the Russian Financial Watchdog was more inclined towards increasing the viability of national currencies.

Kirill Dmitriev, the head of the Russian Direct Investment Fund (RDIF) told the reporters,

“An efficient BRICS payment system can encourage payments in national currencies and ensure sustainable payments and investments among our countries, which make up over 20% of the global inflow of foreign direct investment,”

In the future, an integrated payment system is highly probable between the emerging economies. Whether or not any…