Cryptocurrency will be used for inter-BRICS trade

The CEO of Russian Direct Investment Fund told the media that the opportunity of cryptocurrency financial and trade relations between the member states of BRICS (Brazil, Russian Federation, India, China and South Africa) is being discussed with the representatives of these states during the latest summit held from the 4th to 6th of September 2017.

“In cooperation with our colleagues from the BRICS states we discuss the possibility of use of cryptocurrencies in settlements with BRICS members, as we believe that at some point they can become the replacement for existing currencies,” Kirill Dmitriev, the head of RDIF, told. He added: ”The topic is being worked on very carefully, very cautiously, with no excesses, but it evolves. We decided to look into this more closely.”

The BRICS was founded in 2006. The main goals of the group include international cooperation, trade relations improvement, joint integration into the global financial system and market domination.