The development of a single stable currency for BRICS countries is one of the key aspects of the upcoming summit of the association, which will be held in Rio de Janeiro on 6–7 July. This was stated in an exclusive interview with CGTN, a partner of TV BRICS, by Chinese TV commentator Fan Yimin.
According to the expert, Russia is already taking steps in this direction – the country is accelerating the transition to the use of cryptocurrencies in international trade, and there are plans to launch two cryptocurrency exchanges in Moscow and St. Petersburg.
She pointed out that the BRICS single currency initiative faces a number of challenges. According to her, in order to overcome them, the countries of the association need to strengthen technological cooperation and harmonise financial policies and legislation.
“In the long term, the BRICS single currency could become the third largest means of cross-border settlement after the dollar and the euro,” Fan Yimin emphasised.
The CGTN commentator believes that promising areas of application for the future currency are energy and commodity trading. In particular, Russia could use the BRICS stablecoin for oil and gas payments.
“The success of this initiative will depend not only on technological solutions, but also on the ability of the countries in the alliance to protect their financial sovereignty and coordinate their geopolitical positions,” she added.
Earlier, economist Vasily Koltashov, in an interview with TV BRICS, did not rule out that the issue of creating a BRICS settlement or even reserve currency would be raised again at the meeting in Brazil. According to him, there is a need for this in the global economy, and each BRICS summit demonstrates that this project is moving forward.
Photo: CGTN
source https://tvbrics.com
