The BRICS Finance Committee meeting today in Southern China is discussing a joint virtual currency for the five nation bloc of developing economies (Brazil, Russia, India, China and South Africa), according to the Russian Direct Investment Fund (RDIF) chief Kirill Dmitriev.
"While there is a focus on settlements in national currencies, cryptocurrencies are also being discussed as one of the possible settlement mechanisms," Dmitriev explained to journalists in a press-conference in the southern port of Xiamen.
He added that within BRICS cryptocurrencies could replace the US dollar and other currencies used in settlements among the member states.
Ditching the dollar - I don't think the idea will be welcome in Washington!