Indian Foreign Ministry: Use of cryptocurrencies for intra-BRICS trade not under discussion
The possible use of cryptocurrencies for settlements in BRICS is not being discussed. Reports of such a proposal were denied by the official representative of the Indian Ministry of Foreign Affairs, Randhir Jaiswal, quoted by TASS.
“At the moment, there is no proposal in BRICS to conduct trade using cryptocurrency,” said an employee of the republic’s foreign policy department. Earlier, information appeared that the countries of the association are planning to start using a single BRICS cryptocurrency for settlements among themselves.
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Iranian Parliament Speaker Mohammad Bagher Ghalibaf noted during his speech at the 10th BRICS Parliamentary Forum in St. Petersburg that BRICS member countries, including Russia, should speed up the process of creating a unified banking system. He specified that a unified banking system is needed, among other things, for conducting international settlements using digital currencies. With the help of such measures, BRICS will be able to sharply reduce the share of the US dollar in the structure of trade transactions, Ghalibaf added.
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