BRICS to create digital payment platform to boost trade

BRICS is working on an independent payment system which will remain immune to political pressure, abuse and external interference from others through their “sanctions”. Work has commenced after the decision was adopted at last year’s BRICS summit in South Africa.

BRICS digital payment platform, will help increase mutual trade between the member countries. The Russian Finance Ministry and the Central Bank of Russia together with BRICS partners are working on the BRICS leaders’ report on now to upgrade the international forex and financial system. It will contain a number of initiatives and recommendations. Consideration of this report may result in creating a BRICS multilateral digital payment platform (BRICS Bridge), which will help bridge the gap between the financial markets of the BRICS member countries and increase mutual trade.

Once this system is created, it may use digital currencies of the BRICS central banks, and their exchange rate will be tied to the value of national currencies

In addition, this digital settlement and payment platform will be decentralised, that said, no participants will be able to restrict the activities of others. If the Russian-proposed initiative is approved, the BRICS countries will have to conduct coordinated legislative work to put a national digital currency into circulation and use it in cross-border settlements.