BRICS Hints At Cryptocurrencies As An Alternative to National Fiat Currencies

Amidst thorough volatility in cryptocurrency market, BRICS member states are undertaking discussions to give cryptocurrencies the position of alternate dollar equivalent in financial settlement cases. Kirill Dmitriev, the Head of the Russian Direct Investment Fund (RDIF) indicated towards the creation of an exclusive cryptocurrency form on Monday to look after the transaction portal of settlements in between South Africa, India, China, Brazil and Russia which is all set to increase by four times within the coming three years. The creation of an alternate currency form served the pivotal discussion point of the BRICS Business Council debate.

Cross-border settlements are usually facilitated through national currencies which form the chief medium of exchange. Russia has been busy working towards the creation of its indigenous cryptocurrency which have been informally named as CryptoRuble or BitRuble. Dmitriev also agreed to the fact that cryptocurrencies are gaining hige popularity as settlement mediums. National governments of India, Russia and South Africa are registering renewed interest of general public in the dynamic world of cryptocurrencies. Russia has even threatened to impose an access ban on unauthorized citizens and South Africa posted the largest per capita Bitcoin googling statistics.

Also Read: Cryptocurrency Legislation In Russia Might Become A Reality By Fall

The  BRICS summit was held for three days in China’s Xiamen starting from Sunday. The brand new BRICS Plus format is also welcoming global leaders of non-BRICS countries such as Mexico, Egypt, Guinea, Thailand and Tajikistan.

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