The share of national currencies in transactions between BRICS members is growing and has surpassed that of previous major currencies, Sameep Shastri, Vice President of the BRICS Chamber of Commerce and Industry, told Sputnik.
The Vice President also mentioned the issue of the BRICS common currency, saying that BRICS is progressing slowly, but when the countries reach a certain level of economic parity, that is when the common currency can come into being.
“Now that we have started talking about accepting some digital currencies, rules and regulations are being put in place in these countries. Russia, China, India, UAE, all are involved in cryptocurrencies and I feel that these currencies also have a fair future, because they are not tied to any country,” said Mr. Shastri.
However, Mr. Shastri noted, certain rules and regulations have to be put in place as the currency can be misused.
In June, BRICS Foreign Ministers stressed the importance of increasing the use of national currencies in trade and financial transactions among BRICS members.
Russia's economic growth during sanctions proves that BRICS countries are not dependent on the West - Sameep Shastri commented.
“Russia has shown a great example to the BRICS countries. We are not dependent on Western powers or their brands or services. We can create it ourselves. And the positive impact of 2% growth in the Russian economy proves that companies here are doing it,” said Mr. Shastri.
The Vice President observed a similar effect from the Make in India initiative launched by Prime Minister Narendra Modi.
“India is growing rapidly. We have become the fifth largest economy in the world. The same is true for all the BRICS+ countries,” Shastri added.
