Finance1 min read

BRICS+ payments system feasible, common currency faces hurdles, report says - Reuters

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In short

A shared payment infrastructure presents a viable path forward for the group of nations looking to enhance mutual financial connectivity. Meanwhile, plans to establish a unified currency continue to meet with significant obstacles. The findings suggest that transaction infrastructure will progress much faster than any attempts at total monetary unification among the member states.

Key points

  • Infrastructure for cross-border payments represents the most realistic avenue for near-te…: Infrastructure for cross-border payments represents the most realistic avenue for near-term financial integration among member countries.
  • Establishing a unified currency remains complicated by major practical hurdles that hinde…: Establishing a unified currency remains complicated by major practical hurdles that hinder consensus and formal adoption.
  • The bloc is positioned to focus practical efforts on mutual transaction processing rather…: The bloc is positioned to focus practical efforts on mutual transaction processing rather than singular monetary integration.

BRICS+ payments system feasible, common currency faces hurdles, report says    Reuters

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