The Russian Ministry of Finance is working on the creation of the BRICS Clear custody system. Head of department Anton Siluanov spoke about this stated In an interview with RT Arabic.
According to the minister, BRICS countries are discussing the creation of an alternative fiscal and settlement payment system.
Siluanov explained that in addition to the settlement payment infrastructure, the BRICS countries are working to create an escrow system based on distributed ledger technology – BRICS Clear. The Minister noted that the BRICS securities accounting system was created by analogy with existing ones in the West, but its use is limited for the Russian Federation and some other states.
At the MIT Center for International Studies on October 9 statedIt is predicted that the economic integration of the BRICS countries may increase in 2024 through the development of their own payment systems and grain exchange.
Previously Cuba applied To obtain partner status in BRICS.