Ahmad 
The BRICS group, which includes China, Brazil, Russia, India and South Africa, as well as new members such as Egypt, Ethiopia, Iran and the UAE, plans to create a digital payment and financial settlement platform.
The head of the Russian Federal Council, Valentina Matvienko, announced progress in the project to transition towards an improved international monetary system, through close cooperation between the Russian Central Bank and the Ministry of Finance with the BRICS partners.
In an interview with the Russian “Sputnik” agency, Matvienko explained that the proposed platform will use digital currency technologies linked to the national currencies of the participating countries, which will enhance intra-regional trade and economic independence from traditional international systems.
She also stressed that the platform will be decentralized, ensuring that no country restricts the actions of others within the group.
The group was established in 2009 in order to enhance economic cooperation among member states, achieve sustainable development, and expand global trade. It represents approximately 42% of the world’s population and 28% of the global gross domestic product.
The group established the New Development Bank, a multilateral bank aiming to finance infrastructure projects in member states. It also established a payment system for the BRICS countries in a way that allows commercial transactions between member states without the need to use the US dollar or the euro.
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