The BRICS group, which includes China, Brazil, Russia, India and South Africa, as well as new members such as Egypt, Ethiopia, Iran and the UAE, plans to create a digital payment and financial settlement platform.

The head of the Russian Federal Council, Valentina Matvienko, announced progress in the project to transition towards an improved international monetary system, through close cooperation between the Russian Central Bank and the Ministry of Finance with the BRICS partners.

In an interview with the Russian “Sputnik” agency, Matvienko explained that the proposed platform will use digital currency technologies linked to the national currencies of the participating countries, which will enhance intra-regional trade and economic independence from traditional international systems.
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