MOSCOW—With separate motivations in each country, China and Russia are set to accelerate their development of a new payments infrastructure that will serve the economic partnership known as BRICS, according to a new report.
The system is set to revamp international trade by integrating the nascent BRICS currency and streamlining cross-border transactions, Cryptopolitan said.
For Russia, it is seeking to build out its payments infrastructure as it seeks to respond to sanctions imposed in the wake of its invasion of Ukraine. China, meanwhile, is continuing its efforts to build a much larger role in international commerce as it seeks more control.
Igor Shuvalov, chairman of Russia’s National Economic Development Institution, known as VEB.RF, has implored leaders of the Russian Federation and China to expedite progress in building the payments system, Cryptopolitan reported.
‘Cutting Edge Technology’
The new payment architecture, which Shuvalov described as leveraging “cutting-edge” technology, is expected to be officially unveiled in August during a meeting in Cape Town, South Africa.
In addition to serving the BRICS nations—Brazil, Russia, India, China, and South Africa—the new payment infrastructure is planned to incorporate the Shanghai Cooperation Organization (SCO) group, a move that stands to facilitate seamless money transfers on the global stage, Cryptopolitan said.
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