Russian Finance Minister Anton Silanov has designated digital financial assets as one of the options BRICS is considering to ensure independence from third-party countries in the economic and trade sector.
BRICS profiles digital financial assets as part of Future’s Funnicial Stepletles Arsenal
Digital assets have become relevant actors in international trade and even BRICS, a bloc now steered by countries such as Russia, India and China, has begun to see them as part of their financial structure.
Russian Minister Anton Silanov mentioned the future trade reality of the BRICS bloc and, in turn, the role that could play in the global trade finance business.
Siluanov, cited by Tass, the official Russian news outlet, said that digital financial assets are part of the arsenal that promotes BRICS trade. He said:
We are looking at a variety of financial innovations on the BRICS floor, including cross-border payment systems that can be based on domestic currency that takes into account digital technology and digital financial assets.
Silanov mentioned the relevance of creating innovative payment structures for the future of BRICS trade. “The accumulation of financial infrastructure is extremely important for the trade and economic development of our country,” he praised.
Digital financial assets (DFAs) include a wide range of cryptocurrencies and other assets, including tokenized gold or other metals with a distinct issuer.
Russia has been preparing to use DFA in international trade since last year when President Vladimir Putin signed a law allowing it to be used for international payments. Nevertheless, it is still prohibited to utilize them for domestic payments.
Silanov himself explained the internal mechanisms of the future BRICS payment system at the BRICS summit in Kazan last year. “The system is planned with a new form and approach, taking into account the use of digital financial assets. This is a new system design,” he said in October.
In March, the chairman of the Russian state’s DUMA committee on financial markets also mentioned the possibility that DFA could bring to the country’s trading villages.
