Putin's digital currency message before BRICS summit

Russian President Vladimir Putin said at a press conference today that they will propose the use of digital currencies in investment processes for BRICS.

Russia will invite BRICS countries to use digital currencies in investment processes. The statement came from President Vladimir Putin.

According to TASS, Putin said at a press conference before the BRICS summit, which will start on October 22, "I won't go into details, but right now we want to present a very important issue to BRICS members. This issue is about the use of digital currencies in investment processes."

Putin continued his words by saying, "We can create an instrument that will not only be suitable for BRICS members, but also for other developing economies, and will not be inflationary in practice."

Putin said that consultations on the issue are still ongoing:

"We are currently consulting with our Chinese and Indian friends, we just met with the Brazilians. We will definitely talk to South Africa. We will do this with everyone. We are slowly making progress.”

Russian Deputy Finance Minister Sergei Ryabkov had announced that BRICS was discussing the possibility of payment with stablecoins. In a statement he made at the end of September, Putin also stated that BRICS was working on an independent payment system to be used in international trade.

Finally, Putin said in today’s press conference, “Our door is open to new members.” As is known, Turkey had also announced its willingness to join BRICS. The union consists of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates.