Putin: The time to create a unified currency for BRICS is still not ripe

ChainCatcher news, Russian President Putin met with representatives of mainstream media from BRICS countries including China, Brazil, Egypt, India, the UAE, Saudi Arabia, Ethiopia, and South Africa in Moscow on the 18th local time and answered related questions.

Putin stated that the timing for creating a unified currency for BRICS countries is still not mature. Before implementing a unified currency, the economic integration of BRICS countries must reach a necessary high level. He also suggested that BRICS countries use digital currencies in investments. Putin mentioned that currently, the proportion of trade settlements in local currency with other countries has reached 95% in Russia.

Putin also said that Russia is working with BRICS countries to create a clearing system similar to SWIFT. Previously, Putin indicated that Russia would provide BRICS partners with the opportunity to use digital currencies during the investment process.