BRICS members discuss creation of new crypto

15 Nov 2019

Bitcoin Members of the BRICS international association discussed the creation of a new cryptocurrency at a recent summit.

This is according to an official who was in attendance at the summit.

Earlier this week, Russian news outlet RBC announced that Kirill Dmitriev, the director-general of the Russian Direct Investment Fund (RDIF), said the BRICS Business Council was in favour of creating a single payment system between the member countries, at the 11th annual BRICS Summit in 2019, held in Brazil.

The BRICS members - Brazil, Russia, India, China and South Africa - are allegedly planning to develop a single payment transaction system between them, which according to Dmitriev could be undertaken in a yet-to-be-developed “BRICS” cryptocurrency.

Dmitriev stated: “An efficiently operating BRICS payment system is capable of stimulating settlements in national currencies and ensuring the stability of settlements and investments between our countries, which form more than 20% of the global influx of foreign direct investment.”

As per a Coin Telegraph report, the RDIF director highlighted that the development of the single payment system and its integration will be “an important factor in the economic partnership between the BRICS countries in the face of increasing non-market risks of the global payment infrastructure.”

The annual BRICS summit concentrates on reinforcing unity between members within the science, technology, innovation and digital economy sectors.

As well as the BRICS members, the Association of German Banks is also considering the creation of a new cryptocurrency. At the end of last month, it submitted a position paper containing a number of reasons for the creation of the digital euro.

The Association of German Banks said a cryptography-based digital euro should be created, adding: “The user of a digital euro – whether man or machine – must be clearly identifiable. This requires a European or, better still, a global identity standard. With every form of digital money, customers should be identified using a standard that is just as strict as that which banks and other obligated entities are required to apply under current legal framework pursuing the combat against money laundering and terrorist financing.”
 

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