Brazil, Russia, India, China and South Africa, a group of major emerging economies known as BRICS, back the idea of developing a common payment system, a Russian official said on Thursday. Russia and its BRICS peers have been looking for ways to decrease their dependence on the U.S. dollar and have advocated using their national currencies in mutual trade. Kirill Dmitriev, the head of the Russian Direct Investment Fund (RDIF), said "increasing non-market risks of the global payment infrastructure" was behind the plan to integrate the group's national payment ...
BRICS nations for common payment system to reduce dollar dependence: Russia
Dmitriev said the five BRICS nations had also discussed creating a common cryptocurrency for mutual payments as the grouping was reducing the share of payments in the U.S. dollar.