BRICS develop common currency

Speaking on the sidelines of the 12th World Peace Forum in Beijing, Ambassador Morgulov said that BRICS countries are developing mechanisms and tools for a financial system that is completely independent of the US dollar. He said that the creation of a common currency within the bloc is an “inevitable trend,” but also noted that changes should not be expected in the near future.

Earlier, Russian Finance Minister Anton Siluanov said that the country has invited BRICS member countries and partners of this alliance to conduct cross-border payments on the BRICS Bridge payment platform.

The project is currently in its advanced stages of development. Russia believes that BRICS Bridge will address the fragmentation of the current payment system outside of the “unfriendly infrastructure” of the West. In addition, this joint digital payment platform will “ensure an appropriate level of equality and contribute to the development of trade relations” between BRICS countries and friendly countries.

On June 7, Russian President Vladimir Putin announced that BRICS countries are working to create their own payment system, independent of the Western system.

BRICS is currently implementing the BRICS Pay electronic payment system, a digital payment system built to reduce the costs and complexity of international payments. This system allows businesses and consumers to conduct transactions in local currencies safely and efficiently.

BRICS contributes 24% of global gross domestic product (GDP) and 16% of the world's exports of goods and services.