BRICS is creating its own payment system

The BRICS bloc, which includes Russia, China, Brazil, India, South Africa, Ethiopia, Egypt, Iran and the UAE, plans to create its own payment system and implement it in October. Deputy Minister of Foreign Affairs of Russia Sergey Ryabkov informed about this on June 19.

According to him, the countries of the bloc will present the new payment system at the upcoming summit of the leaders of the BRICS countries - the meeting is expected to be held in Kazan on October 22-24.

Ryabkov said that more than 30 countries have expressed their desire to join the bloc. Thailand and Belarus may soon join the union.

In particular, Turkish Foreign Minister Hakan Fidan expressed that Ankara is interested in joining BRICS.

Earlier, Yuriy Ushakov, assistant to the President of the Russian Federation, said in March that BRICS has started work on creating a payment system based on blockchain and digital technologies.

"We believe that the creation of an independent payment system is an important goal for the future. It is based on modern tools such as digital technologies and blockchain. The main thing is that it should be convenient for governments, ordinary people and entrepreneurs, as well as economically useful and free from politics," - he said.