The group of five major emerging nations, BRICS- Brazil, Russia, India, China and South Africa, discussed the creation of a new cryptocurrency for payments settlement at a recent summit.

Moreover, the Russian financial news outlet, RBC, <a href="https://www.rbc.ru/economics/14/11/2019/5dcd27a49a794738b8c6fdd8">reported</a> on November 14 that the director-general of the Russian Direct Investment Fund (RDIF); Kirill Dmitriev said that the BRICS Business Council; supported the idea of creating a single payment system for settlements between the member states at the 11th annual BRICS Summit in 2019, held in Brazil. Dmitriev said:
<blockquote>“An efficiently operating BRICS payment system is capable of stimulating settlements in national currencies and ensuring the stability of settlements and investments between our countries, which form more than 20% of the global influx of foreign direct investment.”</blockquote>
Additionally, Dmitriev noted that the creation of a single payment system and its integration; will be “an important factor in the economic partnership between the BRICS countries; in the face of increasing non-market risks of the global payment infrastructure.”

Furthermore, cryptocurrency settlements between BRICS states; should be carried out through the union’s payment system. In addition, Nikita Kulikov, who is a member of the State Duma’s expert council; said that creating a cryptocurrency shouldn’t pose any challenges and that the technology is not complex.

In addition, the annual BRICS summits keeps  focus on strengthening unity between the member countries; in the fields of science, technology, innovation and the digital economy. Moreover, the annual summit also aims to advance the countries’ cooperation; in the fight against organized crime, money laundering and drug trafficking.
<h2>BRICS not Alone on the Idea of a Common Cryptocurrency</h2>
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In conclusion, at the end of October, the Association of German Banks (Bankenverband) presented several arguments about the creation of a digital Euro. The <a href="https://www.cryptoknowmics.com/crypto/tbcasoft-and-softbank-along-with-ibm-announce-a-blockchain-for-mobile-payments/">banks</a> argued that a concurrent, common, pan-European payments platform should also be established.

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BRICS Member States Consider Developing Cryptocurrency for Payments Settlement

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BRICS Member States Consider Developing Cryptocurrency for Payments Settlement

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