Skip to content

SA’s Chairing of BRICS

As this Newsletter has reported recently, SA took over the chair of BRICS this year. The trade alliance has become increasingly popular, with Saudi Arabia joining, and 4 countries joining the BRICS Development Bank – Egypt, UAE, Uruguay and Bangladesh – which maybe a first step towards full membership in the future. BRICS operates a number of working committees, one is on Financial Services. The SA chair of that committee has undertaken to prepare 2 studies of particular relevance to EFSA, one on data flows which will inevitably look at data privacy and data localisation regulations, and the second on the introduction of a stable coin. This latter study will be interesting insofar as India offered its currency (the INR) as a global currency recently, and Russia has made it known that it would like to see gold becoming the basis for a stable coin solution (gold was the global standard for centuries until 1914, and then partially reintroduced under the Bretton Woods agreement until 1973). Russia holds vast gold reserves. Meanwhile, a non-BRICS member,  Zimbabwe, reportedly plans to launch gold-backed digital currency


Posted in

Alastair Tempest

Leave a Comment

Become a member

Join the Ecommerce Forum South Africa and benefit from industry insights in South Africa and Africa.

Sign up to newsletter

Sign up to our newsletter and stay informed of the progress we are making at the Ecommerce Forum South Africa with government during Coronavirus.