Digital currencies are set to become a fundamental part of the new settlement systems currently in development. Belarus, a partner of the BRICS bloc, envisions a trading platform that makes use of national digital currencies, also known as central bank digital currencies (CBDCs), to facilitate trade settlements between member states.

At the BRICS summit held recently in Rio de Janeiro, Belarusian Foreign Minister Maxim Ryzhenkov stressed that Belarus supported the development of a platform that involved these digital currencies as innovative and secure payment mechanisms.

According to TASS, the official Russian news agency, he declared:

In order to improve the financial infrastructure of the BRICS member countries, Belarus proposes to consider the possibility of integrating central bank digital currency platforms as they become legally and technically ready for integration.

Furthermore, Ryzhenkov remarked that the BRICS bloc had a high capacity for cooperating on the economic and financial fronts, stressing that this was key to achieving a high degree of independence. “These initiatives are already moving into the practical plane. Bilateral agreements on mutual settlements, development of common standards and creation of a secure financial infrastructure are becoming the basis for building a sovereign economic architecture,” he assessed.

“Belarus is ready to contribute to the development of these projects,” he concluded.

Russia’s President Vladimir Putin had remarked on the relevance of a digital payment platform before, labeling it as an issue requiring “particular attention.” Finance Minister Anton Siluanov explained in March that these assets were being considered to be part of the tools that would power BRICS trade going forward.

The digital ruble and the digital yuan might be a pivotal part of this upcoming payment and investment platform, provided that the BRICS countries agree to transact using these CBDCs.

Read more: Dollar-Free Future Accelerates as Putin and BRICS Bank Chief Discuss Digital Payment Platform

Read more: BRICS Watch: Russian Finance Minister Highlights Digital Assets’ Role for Bloc’s Future

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