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Speech by Russian Finance Minister Anton Siluanov at the “Russia” exhibition. December 8, 2023

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.

“Next year, our country will chair BRICS… One of the issues that the Ministry of Finance will announce and work on with our colleagues is the creation of settlement units and accounting units that will allow transformation and settlement problems to be solved. .. By the way, one of the innovative proposals is to issue a digital financial asset based on a basket of certain currencies of the BRICS countries. Issuing a stablecoin backed by a basket of currencies of the BRICS countries,” Siluanov said.
Russian Finance Minister Anton Siluanov - RIA Novosti, 1920, 12/08/2023

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“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.

Minister of Finance of the Russian Federation Anton Siluanov - RIA Novosti, 1920, 12/08/2023

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Source: Ria

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