Russia test Digital Currency With China, EAEU
Russia test Digital Currency With China, EAEU
BRICS+ Bridge system to connect the financial systems of its participants with technological gateways for settlements in digital currencies of central banks.
Russia Ready to Test Payments in Digital Currencies With China, EAEU - Finance Minister
"The agenda that we will promote within the framework of our chairmanship is the improvement of the financial, settlement and payment system, which, in the current conditions of fragmentation, would be convenient and safe for trade participants within the BRICS. The system [that will be] outside of politics, independent of Western unfriendly infrastructure," Siluanov said.
Siluanov noted that financial technologies are actively developing and provide a wide range of tools, including for the formation of an innovative payment and settlement infrastructure.
"It is proposed creating a platform that would connect the financial systems of its participants. For example, technological gateways for settlements in digital currenciesof central banks are already in operation. We propose creating a BRICS Bridge system, which, based on the BRICS institutions, would be available to our countries and would ensure the proper level of equality and would contribute to the development of trade relations ... We are ready to start [testing] with countries that express such a desire. Perhaps with China, perhaps with our neighbors in the EAEU, with the countries of the Persian Gulf," the minister added.
Moreover, the global economy is shifting and the potential of developing economies already outstrips the G7, but such transformation is not straightforward, Siluanov highlighted.
"The rapid dynamics of the development of countries with developing economies confirms that the world is undergoing a shift of a global economic nature," the minister said.
Siluanov noted that economist Ray Dalio, with whom he met in 2011, claimed in his research that a economic reformation has happened many times in world history, when countries that are "slowing down" leave and new ones take their place. Political tensions have always risen during such crossroads.
"Precisely the same situation is unfolding right now – a really critical moment – when the emerging economies have already overtaken the G7 countries in terms of potential. This transformation is not straightforward. We see what restrictions and sanctions are trying to restrain China and Russia – these are the consequences of the paradigm shift," the finance minister stressed.
Everyone suffers from the sanctions, says Siluanov. "But it is obvious that our economy has held up; last year, it grew by 3.6%. Industrial production is growing (by 3.5%), as well as the income of citizens (real disposable income increased 5.4%)," he pointed out.
Authorities are taking measures to ensure the country's technological and financial independence, already yielding results.
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