Contents tagged with BRICS

  • Putin proposes to use ruble as BRICS currency

    The Russian ruble could be a way for BRICS countries to make reciprocal trade payments, because the macroeconomic situation in Russia is “characterized by stability”, and the national currency can be converted easily to any other global currency, said Russian President Vladimir Putin at a BRICS summit in Brazil on Thursday.

    He believes that national currencies should be actively used to finance projects, instead of traditional reserves.

    “This will help to increase the weight of association …

  • Erdogan: Russia and Turkey conduct negotiations on electronic payments

    Turkey and Russia negotiate the possibility of moving to electronic payments, reported Turkish President Recep Tayyip Erdoğan during the 10th BRICS summit in Johannesburg.

    “During my trip [to Africa], payment in national currencies became an important topic for negotiations. I discussed this issue with the leaders of each country I interacted with. In fact, we have already come to an agreement with Russia and China. The heads of our central banks and finance ministers also focus on this topic. …

  • Putin calls for alternative to US dollar

    The dollar’s status as the universal reserve currency “is becoming a problem” for the world economy, said Russian President Vladimir Putin at a press conference after the BRICS summit in South Africa.

    According to him, the Kremlin “is well aware of what the dollar represents today”. “It is the universal reserve currency. To a greater or lesser degree the euro could aspire to this, but not entirely,” Putin observed.

    The status of the dollar, for which there is no full-fledged substitute, is a …

  • Russia considers creating cryptocurrency for payments between BRICS and EEU countries

    The Bank of Russia is considering the possibility of introducing a supranational digital currency within the BRICS or the Eurasian Economic Union (EEU), Central Bank first deputy chairperson Olga Skorobogatova told reporters, reports.

    “We are continuing the work to investigate this matter. A matter which seems to us advisable to discuss on with our colleagues is the possibility of introducing a supranational digital currency in EEU territory or within the BRICS. There are many …

  • Russia proposes to place root Internet name servers in BRICS countries

    At a session on October 26, the Russian Security Council instructed the Ministry of Telecom and Mass Communications (MinComSvyaz) and the Foreign Ministry to begin discussion on the creation of “a system of backup DNS root name servers, independent of the control of ICANN, IANA and VeriSign, and capable of servicing the requests of users from the listed countries in the case of faults or targeted interventions”. These servers would be exclusively for BRICS member-states (Brazil, Russia, India, …