BRICS: From the Idea of to Payment System and Back

The article covers the new initiatives, aimed at BRICS currency cooperation development, and prerequisites for their realisation. The study is based on an analysis of the most important changes in this area. Today, the key question is how the transition from the idea of a common currency to the creation of a single settlement system can contribute to the deepening of integration within the union. The article presents the main characteristics of digital financial assets from the point of view of their possible use in the proposed settlement system, as well as the features of historical analogues – the European Currency Unit ECU and the IMF Special Drawing Rights. BRICS states have the necessary potential to launch the process of currency integration through creation of a new and competitive payment system, based on digital financial assets. It is concluded that initially such a system could be launched on a bilateral basis. Other BRICS states and partners, present and future, can join it later, which may lead to the idea of common currency on a new level of integration development.