04:16 GMT18 June 2021
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    2017 BRICS Summit in Xiamen (35)

    The BRICS countries might discuss the creation of cryptocurrency as an alternative to dollar and possible option for the financial settlement.

    XIAMEN (China), (Sputnik) — The BRICS countries might discuss the possibility of creating the organization's own cryptocurrency as an alternative to other payment systems, Head of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev said Monday.

    "Another topic discussed by the financial committee was cryptocurrencies. The creation of BRICS' crypto currency as an alternative to other payment tools might also be discussed," Dmitriev said.

    According to Dmitriev, the BRICS member states prioritize payments made between the countries in their own currencies.

    "However, crypto currencies are also being discussed as one of the possible options for financial settlement. For particular payments it might be quite relevant and serve as a good alternative to dollar or any other currency," Dmitriev added.

    The RDIF head also noted that investment was one of the key topics of discussion during the BRICS summit.

    "We estimate that the mutual investments of the BRICS countries might see an increase by 3-4 times due to such instruments as BRICS [Development] Bank," Dmitriev stressed.

    The three-day BRICS summit in China's Xiamen kicked off on Sunday. The event is being held in a new so-called BRICS Plus format, with leaders of such non-BRICS countries as Egypt, Mexico, Thailand, Guinea and Tajikistan also taking part in the event alongside the leaders of the five BRICS nations — Russia, China, Brazil, South Africa and India.

    2017 BRICS Summit in Xiamen (35)
    cryptocurrency, financial system, BRICS Development Bank, BRICS
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