BRICS Watch: Russian Finance Minister Highlights Role of Digital Assets in Future of Bloc

Russian Finance Minister Anton Siluanov has highlighted the potential role of digital financial assets in the future of the BRICS bloc. This is one of the options that member states, including Russia, India and China, are considering to ensure independence from third parties in international trade.

BRICS Considers Digital Assets as Part of Future Financial System

Digital assets are becoming an increasingly important element in international trade, and the BRICS bloc is no exception. Minister Siluanov mentioned the role of digital financial assets (DFA) in upcoming BRICS trade deals and international trade finance plans.

According to the official Russian news agency TASS, Siluanov said that digital financial assets could become an important part of the BRICS payment system. He asserted:

"We are considering various financial innovations on the BRICS platform, including a cross-border payment system based on bilateral payments, the use of national currencies and digital assets."

Developing financial infrastructure for BRICS trade

Siluanov stressed the importance of developing **financial infrastructure** to promote trade and economic development of BRICS countries. The creation of innovative payment structures will be an essential element in boosting economic activity, with digital assets serving as part of the arsenal of financial instruments.

Digital financial assets include cryptocurrencies and other assets, such as crypto-gold or other precious metals, that are managed by separate issuers. Russia has been preparing to use DFAs in international trade since last year, after President Vladimir Putin signed a law allowing their use for international payments. However, the use of DFAs for domestic payments has not yet been approved.

Towards a new BRICS payment system

During last year's BRICS summit in Kazan, Siluanov discussed a new payment system for BRICS. He noted that the system would be built on the basis of new digital financial assets and technologies, with the aim of replacing traditional payment systems and increasing the flexibility of trade in the bloc.

The Chairman of the Russian State Duma Committee on Financial Markets, Anatoly Aksakov, also expressed his hope that DFA will become an alternative to fiat money in international transactions. He stressed that digital financial assets can open up new opportunities in global trade and create payment channels independent of traditional monetary systems.

The adoption of digital assets in the BRICS bloc promises to make a great contribution to the financial and economic development of member states in the new era.