BRICS leaders. photo: wikipedia
The BRICS Bank may issue a single digital currency for the states of the group and become its regulator. This was reported by TASS with reference to the head of the monetary policy department of the financial corporation Trace Finance, Evandro Casianu.
According to him, a single digital currency of the block is possible if it is issued by the BRICS bank. This may happen in 5-10 years, the implementation of the corresponding project may become phased.
To do this, the Bank needs to increase the investment portfolio, which will be provided with a new currency in order to use it for investment, the head of the department said. After that, the single currency can be used to carry out trade transactions.
Kasianu believes that now is the most favorable moment to launch such a project. He explained that today the United States is experiencing the most serious economic crisis in history. The creation of a single BRICS digital currency will allow the countries that are members of the bloc to develop a stable settlement system that does not depend on the dollar and the euro.
The BRICS group includes Brazil, Russia, India, China, and South Africa.