💥💥💥 India Favors #BRICS Payment System, Says Institute Director
India Advocates for Cautious Approach to BRICS Payment System
Ash Narain Roy, Director of India’s Institute of Social Sciences, recently shared India’s perspective on the proposed independent BRICS payment system in an interview with the Russian publication TASS. Roy, who has a background in global economic and political analysis, emphasized the importance of a careful and well-considered approach.
Roy supported the initiative but highlighted the need for extensive discussions among all BRICS members before any decisions are made. He stated:
"In principle, India supports the idea of an independent BRICS payments system. However, it is crucial that this issue be systematically debated by all stakeholders before a final decision is reached. Many BRICS members, including India, believe that such a significant decision should not be rushed.
We want to avoid creating a system that might become dysfunctional. Therefore, the matter will be thoroughly discussed, and a final decision is unlikely to be made soon."
The BRICS bloc, originally consisting of Brazil, Russia, India, China, and South Africa, has recently expanded to include Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). This expansion enhances BRICS' global influence and fosters deeper cooperation across economic, political, and cultural areas.
Regarding the technical readiness of BRICS nations for a digital payment system, Roy noted:
"While digitalization has made significant strides in India, other member countries may not be as advanced in adopting digital payments, either now or in the near future."
Russia, chairing BRICS this year, announced at the 10th BRICS Parliamentary Forum that BRICS is developing the BRICS Bridge digital payment platform. This system aims to bypass sanctions using digital currencies from BRICS central banks linked to national currencies, requiring coordinated legislative efforts for cross-border transactions.
Source - news.bitcoin.com
