MOSCOW, October 3. /TASS/. It is early to talk about creating a single digital currency in BRICS, Russian Deputy Foreign Minister Sergey Ryabkov said at the press conference dedicated to preparations for the BRICS summit.
"It is somewhat early to talk about any single currency [in BRICS] in the strict sense of this word. The reason is that our country have significant difference in approaches to regulation of the payment balance, national financial markets, and inflation targeting," the diplomat said.
In this regard, cooperating has already been focusing for a certain period on strengthening the autonomy and the financial sovereignty of association member-countries and on developing payment mechanisms resilient to external risks, which could support normal functioning of growing trade among BRICS countries, Ryabkov noted.
"Finance ministers and central bank governors were tasked at the [BRICS] summit in Johannesburg to consider issues of using national currencies, payment instruments and platforms in mutual trade operations," the Russian diplomat said. "Relevant authorities and the working group on financial services and investments of the BRICS Business Council continue dealing rather actively with the issue of interfacing of financial markets of association countries and implementing new systems of mutual settlements. Specific results are already in place," Ryabkov added.
"We should not carry illusions and experience artificially exaggerated expectations. The issue of creating independent payment mechanisms is very challenging; it requires a calibrated approach and we are dealing exactly with that. The most important is that all BRICS countries aim at achieving practical results and are ready to develop interaction in this sphere. Certainly, this topic will be expressed among main ones at the summit," he said.