Russia’s Proposal For A BRICS CBDC-Powered Payment System
Russia, under the chairmanship of Finance Minister Anton Siluanov, is advocating for a BRICS-wide payment system utilizing central bank digital currencies (CBDCs) to streamline trade settlements.
Siluanov envisions a unified platform connecting the financial systems of BRICS nations, aiming to counteract the current fragmentation outside of Western financial infrastructure. He proposes the establishment of a BRICS bridge, emphasizing the use of CBDCs as tools to enhance financial, settlement, and payment systems among member countries, including Brazil, Russia, India, China, South Africa, Saudi Arabia, the United Arab Emirates, Iran, Egypt, and Ethiopia.
Siluanov invites countries, such as China and neighbors in the Eurasian Economic Union, to test and connect their financial systems with BRICS. While Russia is actively testing its digital ruble, Siluanov did not explicitly mention its use in this proposed system, which aligns with China’s ongoing experimentation with the digital yuan for international settlements through initiatives like Mbridge. The BRICS bridge aims to foster equality and boost trade relations between member countries and friendly nations. Stay tuned for updates on this evolving initiative. #BRICS #CBDC #DigitalCurrency #TradeRelations #FinancialInfrastructure
Clever Robot News Desk 28th February 2024
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