š„š„š„ Russian Senate Leader Predicts Use of CBDCs in BRICS Payment System
Valentina Matvienko, Chairman of the Russian Federation Council, highlighted the potential role of national digital currencies, or central bank digital currencies (CBDCs), in enhancing the use of national currencies in BRICS trade.
Matvienko suggested that a proposed BRICS bridge, a unified payment system, could utilize the digital currencies of all member states.
Russian Senate Chairman Discusses Role of National Digital Currencies in BRICS Payment System
- Valentina Matvienko, Chairman of the Russian Federation Council, recently addressed the importance of national digital currencies (CBDCs) in establishing a BRICS joint payment system. Speaking at the X BRICS Parliamentary Forum in St.
- Petersburg, Matvienko emphasized that while the use of national currencies has grown among BRICS countries, Russia aims to further increase the efficiency and security of these transactions.
- Matvienko's comments come in the wake of Western sanctions, which have significantly reduced the use of "toxic currencies" over the past year. She argued that the development of a BRICS payment system, potentially named the BRICS bridge, would facilitate decentralized trading transactions, ensuring that "none of the participants will be able to limit the actions of the others."
She further explained:
- "In this case, digital currencies of the central banks of the association countries can be used, with their rates tied to the value of national currencies."
- However, Matvienko acknowledged that achieving this goal would require coordinated legislative efforts to introduce and regulate the use of these currencies in cross-border payments among BRICS countries.
- Previously, Nasser Kanani, a spokesperson for Iran's Ministry of Foreign Affairs, proposed linking all existing payment systems of BRICS nations, including Brazil, Russia, India, China, South Africa, Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE).
Source - news.bitcoin.com
