The chairman of Russia’s national economic development institution VEB.RF has urged China and Russia to speed up the joint of a new, “cutting-edge” payment system for currencies of Shanghai Cooperation Organization (SCO) and BRICS nations. “ Our interaction with China keeps getting stronger, ” spoke Russia’s prime minister.
Shuvalov Discusses New Payment System for BRICS and SCO
The chairman of Russia’s national economic development institution VEB.RF, Igor Shuvalov, has urged China and Russia to accelerate the joint of an efficient payment system for members of the Shanghai Cooperation Organization (SCO) and the BRICS profitable group.
VEB.RF is a Russian state development corporation & investment company. It is a non-profit organization with no shareholders. Shuvalov preliminarily served as First Deputy Prime Minister in Dmitry Medvedev’s Cabinet. He was appointed chairman of VEB.RF in May 2018 by Russian President Vladimir Putin.
Speaking at a Russian-Chinese Business Forum in Shanghai on Tuesday, Shuvalov bothered that Russia and China should speed up the creation of an effective system for payments in the Russian ruble, the Chinese yuan, and the currencies of SCO and BRICS member nations, Tass reported. The BRICS comprises Brazil, Russia, India, China, and South Africa. The SCO was established in 2001 as a political, economic, and defense convention it's the world’s largest regional association.
Shuvalov was adverted by the news outlet as speaking:
Trade and economic cooperation overall between the Russian Federation and China will only rise and expand. And we, together with CDB (China Development Bank), will deepen our cooperation, the coordination of our actions on this path.
He added that his own association, the CDB, and different financial institutions of the SCO and the BRICS could aid similar efforts.
Shuvalov proceeded to emphasize the need for a new, “cutting-edge” payment structure for the two nations to deepen their trade and profitable cooperation. He stressed:
We urge the government of the Russian Federation and our Chinese partners to act as actively as possible. An independent and efficient infrastructure of payments is necessary not only for ensuring the ‘ruble/yuan’ pair, but also for carrying out the most serious transactions in SCO and BRICS currencies.
Russian Prime Minister Mikhail Mishustin spoke Tuesday that the relations between Russia and China are getting stronger.
Commenting on the Russian-Chinese Business Forum during a convocation with members of the Russian business community, he spoke “ Over 1,200 people are taking part in the forum, including representatives of numerous Russian public and private-sector companies, which is good news. ”
Mishustin added “ Our relations with China keep getting stronger. This longstanding relationship is grounded on historical roots, mutual respect, and fellowship. ”
(Kevin Helms, Bitcoin.com, 2023)