BRICS exploring use of digital currency for trade, Putin says

RUSSIAN President Vladimir Putin has said the time has not come yet for a common BRICS currency but added that the 10-nation bloc is exploring the use of digital currencies in mutual trade and investments for which his country is working with India and other nations.

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Advocating a cautious approach in creating a new reserve currency due to differences in the structure and quality of the economies of the BRICS member states, Putin said these countries should focus on the use of the national currencies, new financial instruments and the creation of an analogue of SWIFT.

“At this point of time it (a BRICS currency) is a long term prospect. It is not under consideration. BRICS will be cautious and act gradually, move slowly. The time has not come yet,” Putin told a select group of senior editors from the BRICS member states at a media interaction on Friday at his official residence in Novo-Ogaryovo, about 50 km from Moscow.