New Delhi: The BRICS member states are “coherently moving towards creating reliable payment mechanisms through the use of national currencies as well as the dialogue on digital currencies as priority areas. A need of the hour is to have an alternative to the SWIFT system in order to make transactions independent and uninterrupted to promote deeper integration of national financial systems,” Russian Ambassador to India Denis Alipov has said ahead of the BRICS Summit in Kazan on October 22-24.
A mechanism of creating reliable payment mechanisms based on national currencies will be among the priorities of the BRICS Summit. India and Russia since the Ukraine conflict have been conducting business in national currencies. India has initiated a national currency payment mechanism with certain countries in SE Asia, Africa and South Asia.
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