Brazil, Russia, India, China and South Africa are discussing the creation of a common crypto-currency as an alternative to the US dollar, said Kirill Dmitriev, director-general of the Russian National Direct Investment Fund.
Dmitriev told the Russian RBC news portal that while BRICS member countries use their national currencies within the association, an alternative crypto-currency could be used for "other types of transactions." However, he did not clarify what kind of deals it is.
Russian Communications Minister Nikolai Nikiforov has already announced that Russia is working on the Crypto-Covenant agreement, which will lead to increased commercial operations.
BRICS already has a banking institution, the New Development Bank, which participates in the financing of sustainable development projects and infrastructure in the BRICS countries, as well as the BRICS Reserve Fund, a mechanism to support member countries that may have problems with the balance of payments in the short term.
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