China and Russia Urged to Accelerate Creation of Cutting-Edge Payment Infrastructure for BRICS and SCO Currencies

The chairman of VEB.RF, Russia's national economic development institution, has called upon China and Russia to expedite the establishment of an advanced payment system to facilitate transactions involving currencies from the Shanghai Cooperation Organization (SCO) and BRICS nations. This proposed payment infrastructure aims to be cutting-edge and would strengthen economic ties among member countries.

1. The Need for a Cutting-Edge Payment System

   VEB.RF's chairman emphasizes the importance of creating a state-of-the-art payment system that meets the requirements of the SCO and BRICS nations. Such a system would facilitate efficient and secure cross-border transactions, contributing to enhanced economic cooperation and trade between the member countries.

2. Strengthening China-Russia Relations

   The prime minister of Russia acknowledges the growing strength of the country's relations with China. The call to expedite the establishment of the cutting-edge payment system reflects the commitment of both nations to foster closer economic collaboration and explore innovative solutions that facilitate seamless financial transactions.

3. Enhancing Economic Cooperation among SCO and BRICS Members

   The proposed payment infrastructure would benefit the member countries of both the Shanghai Cooperation Organization and BRICS by streamlining cross-border payments. By establishing an advanced payment system, these nations aim to facilitate smoother financial transactions and promote economic integration within the region.

4. Advancing Digital Payment Solutions

   As the digital economy continues to evolve, there is a growing focus on exploring new digital payment solutions. In this context, Russia has also expressed plans to develop the digital ruble and explore potential settlement arrangements with China, further emphasizing the importance of modernizing payment systems.

The call to accelerate the creation of a cutting-edge payment infrastructure for BRICS and SCO currencies reflects the shared commitment of China and Russia to strengthen economic ties and streamline financial transactions. By embracing advanced payment systems, these nations aim to foster increased economic cooperation and facilitate seamless cross-border transactions among member countries.