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BRICS Business Council Greenlights the Launch of a Single Cryptocurrency Payment System

In a bid to facilitate swift payments between BRICS countries, the BRICS Business Council has proposed the creation of unifying cryptocurrency in a forum in Brazil. The crypto asset will be used as a single payment system for settlements between member countries of the union, according to an RBC report on November 14, 2019.


BRICS Nations to Develop Own Crypto


Brazil, Russia, India, China and South Africa, the five major emerging economies that make up the BRICS association, have agreed to create a single blockchain-based virtual currency that would facilitate trade among participating nations.


Per the report, Kirill Dmitriev, a member of the BRICS Business Council, revealed that the union is in support of the idea to create a single payment system that will be used by BRICS member countries.


Reportedly, a cryptocurrency will be used as the currency in this payment system, and it will aid in settlements between member countries of the union in the near future.


Nikita Kulikov, a member of the State Duma’s expert council, made comments saying that creating a digital asset is easy and that the technology is understandable; however, it is more important to understand how countries will readily adopt the asset.


Explaining the benefits of the cryptocurrency payment system, Kirill Dmitriev said an efficiently operating BRICS payment system could stimulate settlements in national currencies. Read More...

BRICS Business Council Greenlights the Launch of a Single Cryptocurrency Payment System
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