Siluanov: BRICS stablecoin can solve the issue of currency convertibility
MOSCOW, December 8 – RIA Novosti. The creation of a stablecoin, a cryptocurrency tied to a basket of currencies of the BRICS countries, is one of the proposals to solve the problem of incomplete convertibility of currencies of many countries, especially Russia, as part of trade with India. Minister of Finance Anton Siluanov said at a conference at the Russia exhibition.
Siluanov called the budget Russia’s financial shield against restrictions and sanctions
“There are really problems, today our main trading partners are China, India, Turkey, the Gulf countries, in any case, all friendly countries to which trade flows are redirected. And if the Chinese yuan is convertible and payments are made in Chinese yuan, it is exactly the same, as with other convertible currencies, India There is also a problem with the rupee,” the minister explained.
“This plan works, through “third” countries, through the conversion of Indian rupees into other currencies and then into rubles. Financial structures do this, relevant banks do this, etc. And it turns out – if you delivered goods from India to our partners and money , if you want to buy rubles or any other currency, you will have to pay a little for it with a certain discount,” the minister explained.
Therefore, in his opinion, it would be good if, within the framework of the BRICS countries, it would be possible to make payments using the created unit of account, supported by a basket of currencies of the participating countries. But “this needs to be resolved.” “There are many details, many issues that need to be discussed with our partners. This is what we announced within the framework of our BRICS presidency in terms of ‘financial runway’,” Siluanov emphasized.
At the end of August, Siluanov also reported that the BRICS countries were discussing the possibility of creating a single unit of account that would be an alternative to the dollar.
Siluanov talked about his favorite cartoon on financial literacy
I am Emma Sickels, a highly experienced journalist specializing in news and economy. As an author at News Unrolled, I cover the latest trends in the economic sector and provide readers with valuable insights into its complexities. My work has been featured in various media outlets such as The New York Times, USA Today, Bloomberg Businessweek and many more.