As the idea of a common currency for the BRICS nations takes shape, the New Development Bank (NDB) could evolve into a clearing center, according to Finance Minister Anton Siluanov.
“Talks of creating a common payment unit within the BRICS nations have been making rounds,” the Minister said, “There have also been suggestions about utilizing digital financial assets underpinned by tangible assets such as gold, in the form of stablecoins.”
Siluanov pointed out that these proposals have not been thoroughly discussed yet, but he affirmed readiness to consider them within the framework of the NDB, which could potentially serve as a clearing center. “Though not currently the bank’s core business, this is certainly not a primary hurdle to solving the task,” he stated.
Commenting on the use of national currencies, Siluanov mentioned that they come into play under payment restrictions, adding that about 70% of payments with China are currently handled through national exchanges.
While acknowledging this approach as entirely appropriate, he cautioned that not all nations possess a stable currency or balanced trade turnover. He emphasized that an omnibus clearing system would significantly streamline the balancing of export and import flows. “This flexibility in the use of the new payment unit will be greatly enhanced as a result,” he concluded.