CBDCs Expected to Feature in BRICS Payment System, Predicts Russian Senate Leader
Valentina Matvienko, Chairman of the Russian Federation Council, discussed the potential role of national digital currencies, or CBDCs, in enhancing the use of national currencies within BRICS trade.
At the X BRICS Parliamentary Forum in St. Petersburg, Matvienko emphasized Russia’s aim to bolster the efficiency and security of transactions among bloc nations, especially in light of sanctions impacting traditional currency flows.
She highlighted the possibility of a unified payment system, tentatively named the BRICS bridge, using CBDCs from member states. Matvienko underscored the need for coordinated legislative efforts to integrate and regulate these currencies for cross-border transactions within BRICS countries.
Clever Robot News Desk 15th July 2024
