BRICS Digital Payment Platform Set to Boost Trade Among Member Nations

The proposed BRICS Bridge digital payment platform aims to enhance trade between BRICS countries, as discussed by Russian Federation Council Speaker Valentina Matviyenko. This initiative will strengthen financial ties, fostering a shared, decentralized system independent of political pressures.

ST PETERSBURG [Russia], July 13 (ANI/WAM): The creation of a BRICS digital payment platform named BRICS Bridge will enhance mutual trade among member countries, according to Russian Federation Council Speaker Valentina Matviyenko. She revealed that the Russian Finance Ministry and the Central Bank of Russia, along with BRICS partners, are working on a report for BRICS leaders to upgrade the international foreign exchange and financial system.

This report will include several initiatives and recommendations, potentially leading to the creation of the BRICS multilateral digital payment platform, BRICS Bridge. This platform aims to bridge the gap between the financial markets of BRICS member countries, boosting mutual trade, Matviyenko said at the BRICS Parliamentary Forum in St. Petersburg on Friday.

Matviyenko revealed that efforts are ongoing for an independent payment system that is immune to political pressure, abuse, and external sanctions, following last year's BRICS summit in South Africa. If realized, the system may use digital currencies from BRICS central banks, with their exchange rates tied to national currencies. Furthermore, the platform will be decentralized, preventing any participant from restricting the activities of others, she added. If the Russian initiative is approved, coordinated legislative work will be necessary to implement national digital currencies for cross-border settlements.

(With inputs from agencies.)