The BRICS countries (Brazil, Russia, India, China and South Africa) are reportedly working on the development of a unified settlement system and a digital currency, Russian news source RBC has reported.
Kirill Dmitriev, director-general of the Russian Direct Investment Fund (RDIF), said:
"An efficiently operating BRICS payment system is capable of stimulating settlements in national currencies and ensuring the stability of settlements and investments between our countries, which form more than 20% of the global influx of foreign direct investment."
He has added the development of this unified settlement system and its integration will be "an important factor in the economic partnership between the BRICS countries in the face of increasing non-market risks of the global payment infrastructure".
BRICS member countries are not the only ones that are exploring the possibility of launching their own crypto. For example, last month iHodl reported the Association of German Banks (Bankenverband), which includes over 200 financial institutions, is interested in launching a digital euro.