Belarus Supports Digital Currency Integration in BRICS
Maxim Ryzhenkov, the Foreign Minister of Belarus, recently articulated the country’s support for the integration of digital currencies into the BRICS settlement platforms. He highlighted that these currencies should be implemented as they attain legal and technical readiness. This initiative is seen as a way to foster a “sovereign economic architecture” within the BRICS framework.
Potential of Digital Currencies in Trade
During the latest BRICS summit in Rio de Janeiro, Ryzhenkov asserted the potential for digital currencies, specifically central bank digital currencies (CBDCs), to revolutionize trade settlements among member nations. He outlined a vision for a trading platform that would utilize these digital currencies to enhance economic interactions within the bloc.
“Through the development of a shared financial infrastructure, we can establish a strong foundation for economic independence in BRICS countries,”
he noted.
Advancing Legal and Technical Aspects
Citing TASS, the Russian news agency, Ryzhenkov suggested advancing the legal and technical aspects necessary for this integration, emphasizing that practical steps are already underway. He mentioned the advancement of bilateral agreements related to mutual settlements and the establishment of common financial standards aimed at crafting a secure financial system for the BRICS nations.
Context from BRICS Leaders
The context of this discussion is underscored by previous comments from prominent leaders within the BRICS alliance. Russian President Vladimir Putin acknowledged the significance of developing a digital payment platform, advocating for close attention to this matter. In a March statement, Russia’s Finance Minister Anton Siluanov confirmed that digital assets are being considered integral to future BRICS trade initiatives.
Belarus’s Readiness for Collaboration
As the digital ruble and digital yuan emerge as potential key players in this evolving payment landscape, Ryzhenkov expressed Belarus’s readiness to collaborate in these innovative projects. The push for a digital currency initiative highlights BRICS’s aim to strengthen economic partnerships and reduce reliance on traditional financial systems.
