OREANDA-NEWS Some of the tools needed to create an inclusive international financial system can be presented at the BRICS summit, which will be held in October in Kazan. Andrey Mikhailishin, head of the financial services task force of the Business Council of the association, told TASS about this.

Among the projects that are being worked on, he named the common unit of account (Unit), the platform for international settlements in digital currencies of the BRICS countries (Bridge), the payment system (Pay), the settlement depository (Clear), the insurance system (Insurance), as well as the rating alliance. According to the expert, the key principles of the projected new financial system, which will be presented in the fall, will be the decentralization of international cooperation and the use of digital technologies.

As Mikhailishin clarified, 40 percent of the Unit's value is planned to be linked to the price of gold, and the remaining 60 percent to the basket of national currencies of the BRICS countries. "When you have a unit of account that can be converted into any national currency, it is more convenient for you to keep it, since it is a more liquid instrument," the specialist explained, pointing out that a common unit of account will make it possible to solve the problem of exchange rate volatility.

The project of an independent digital settlement and payment platform within the framework of the BRICS is in a good stage of preparation, Chairman of the Federation Council Valentina Matvienko shared earlier. She noted that the BRICS Bridge platform will be able to provide mutual settlements on a solid joint basis.