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BRICS Countries to Create Their Own Cryptocurrency

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The BRICS member states (Brazil, Russia, India, China, and South Africa) are ready to discuss the possibility of creating their own cryptocurrency in order to use it “as an alternative to other payment instruments.”

The Head of the Russian Direct Investment Fund, Kirill Dmitriev, said that the BRICS finance committee is seriously discussing the possibility of creating a BRICS cryptocurrency as an alternative to other financial instruments. And this, he said, is one of the key issues that is being discussed within the BRICS Business Council.

National currencies are currently a means of external and internal settlements, both within countries and on the international area, but are constantly depreciating due to the growing US dollar rate.

Now Russia is busy preparing its own centralized cryptocurrency, which was unofficially called “BitRuble” or “CryptoRuble”. According to the members of the BRICS Council, operations with the cryptocurrency can be a good alternative to the dollar and other currencies.

The governments of Russia, India, and South Africa say that they see a huge increase in interest in cryptocurrencies from citizens, and they can not simply ignore this fact.

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