Five BRICS Сountries are Mulling Over Common Cryptocurrency
The 11th BRICS Summit was held in Brazil on November 13 - 14. The heads of the host country and Russia, India, China, and South Africa attended the event. They discussed the idea of creating a payment system based on a common cryptocurrency.
The Russian Direct Investment Fund Kirill Dmitriev commented on the results of the summit:
The BRICS countries are reducing the share of payments in dollars. The share of the dollar in external trade in Russia decreased from 92% to 50%, and the ruble rose from 3% to 14% over five years. RDIF, as the chairman of the financial services working group of the BRICS business council, participated in the discussion of the possibility of using a single cryptocurrency for settlements between member countries
He thinks it is necessary to strengthen national currencies. Using the BRICS system will help to carry the direct payments between member countries without dollars. This can contribute greatly to the stability of mutual settlements and investments.
Cryptocurrencies are becoming more popular. We also wrote what japanese regulators have found cryptocurrency donations legal.
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