BRICS Can Eventually Switch to Digital Currencies-Based Payment System, Russia's US Envoy Says
09:02 16.03.2024 (Updated: 09:03 16.03.2024)
© Sputnik . Grigory Sysoev
/ Subscribe
WASHINGTON (Sputnik) - Earlier, Russian Finance Minister, Anton Siluanov told Sputnik that the BRICS countries are developing a strategy to deal with the risks to the global economy that have emerged as a result of large debts and budget deficits in Western countries.
The BRICS group of nations can eventually switch to a new payment system based on digital currencies or use blockchain, Russian Ambassador to the United States Anatoly Antonov told Sputnik.
"As part of the BRICS framework, work is being done to develop the Contingent Reserve Arrangement mechanism. As regards the use of monetary units alternative to the US dollar, we could talk in the future about an independent, depoliticized payment system that would be based on the latest technologies, such as digital currencies and blockchain," Antonov said in an interview.
On Monday, Russian President Vladimir Putin signed a law authorizing the use of digital financial assets in international settlements meaning that digital financial assets, digital rights of use, and digital rights that include these two instruments can now be used as a means of payment for imports and exports.
