Jakarta (Antara) – Russian President Vladimir Putin said that Moscow was in collaboration with BRICS to develop a digital payment system.
“With regard to the payment system, we work together with partners from Brics. Of course we need the experience of our countries, especially to build national currencies in the digital field,” he said when he spoke in the International Economic Forum St. Petersburg (Spief) on Friday.
He explained that Russia had realized a pilot project for the implementation of digital payments, including the opening and closing of accounts, inter-individual transfers and legal entities, as well as the payment of trade and services.
Putin hopes that digital rubles can be used en masse, both by the government and by Russians.
“I ask the central bank and the government to accelerate the use of digital rubles in daily life,” said Putin, who spoke with the Indonesian President Prabowo Subianto in a plenary session.
The BRICS payment system, including BRICS PAY and BRICS Bridge, is the efforts of BRICS LID states initiated by Brazil, Russia, India, China and South Africa to reduce dependence on existing international payment systems, such as Swift and American dollars on cross-border transactions.
Indonesia, who just reached Brics on January 6, has the potential to use this payment system for trade and investment transactions, and to reduce the risk of exchange rate fluctuations.
With a quote from Sputnik, Putin described the strength of BRICS cooperation as indicated by the increased trade turnover between its member states to more than 1 trillion US dollars.
“The turnover of the joint trade between our countries has exceeded 1 trillion American dollars and continues to grow. All this is an element of the global growth platform,” he said in the Spief Pleno session.
“And everything is based on the most important principles of Brics, namely consensus, equality and interests with each other,” said Putin.
He said that the BRICS countries carry out large-scale initiatives, including in nuclear energy and robotics.
Putin also claims that the Brics -countries share in the global economy has been multiplied and will certainly continue to grow.
Read also: Putin Call Indonesian membership in Brics makes a major contribution
Also read: Vietnam joins Brics like Partnerland
Reporter: Yashinta Difa
Editor: Primayanti
Copyright © between 2025
It is strictly forbidden to take content, crawl or automatic indexation for AI on this website without written permission from the news agency Antara.
