BRICS member Russia has been at the forefront of digital currencies. Cryptocurrencies are embraced by emerging economies because of their decentralised nature. Digital currencies are viewed as tools to escape impacts of sanctions.
Reports in have said Russia’s central bank proposed the use of crypto currencies in the BRICS coalition. According to Finder. com the proposal was made public in September 2017.
Deputy governor of Russia’s central bank, Olga Skorobogatova said during the proposal that “the introduction of national digital currency seems to the US totally unjustified”. However, Skorobogatova noted the benefits that could come with the use of digital currencies.
There are several governments who are warming up to the use of digital currencies, says Finders.com.
Brazil-Russia Chamber of Commerce President, Gilberto Ramos has also alleged that the idea using of digital currencies is gaining traction. “Despite the distracting efforts of bank lobbyists during the current period of political changes, we are observing significant increase of the interest in decentralisation. There are a number of governmental authorities who are already discussing blockchain technologies. It means that it can become one of the main factors for economic growth in the near future,” said the Brazil-Russia Chamber of Commerce President.