Sergey Glazyev: Development of International Settlements in Digital National Currencies is a Promising Direction

14/09/2023 11:24

The development of international payments in digital national currencies is a promising direction, stated the Minister for Integration and Macroeconomics of the Eurasian Economic Commission (EEC), Member of the Supreme Advisory Council of the Eurasian Peoples' Assembly Sergei Glazyev at the Eastern Economic Forum (EEF).

According to Glazyev, today almost all the leading countries in the world are creating digital analogues of their currencies.

“If the leading countries of the world, or at least the BRICS countries, agree that they allocate certain quotas of their national currencies in digital form, then on digital exchanges several hundred brokers will bring these currencies to an equilibrium ratio, and we could use them,” - noted the Member of the Supreme Advisory Council of the Assembly.

Glazyev pointed out that the modern monetary and financial system is unfair and vulnerable. In addition, it becomes a tool of hybrid war, when countries issuing world reserve currencies use them for political purposes.

In turn, the President of the Chamber of Commerce and Industry of the Russian Federation, Sergei Katyrin, said that the digital ruble has good prospects. According to him, the number of self-employed people has increased in the country, and this poses some risks for small businesses. Certain areas are now being rebuilt from the ground up, so the introduction of the digital ruble is very important. In addition, it eliminates the use of the dollar and other currencies in the work.

The VIII Eastern Economic Forum has completed its work. It took place in Vladivostok on September 10–13, 2023. EEF is one of the largest Russian international platforms, which annually since 2015 has hosted guests on Russky Island (Vladivostok, Primorsky Territory).

Broadcast of the session "Greater Eurasia: drivers of the formation of an alternative international monetary and financial system"


Photo - Roscongress, Evgeny Egorov