The BRICS Group which includes Brazil, Russia, India, China, and South Africa, has proposed the creation of a cryptocurrency to settle payment transactions between the 5 nations.
The idea was pushed at the BRICS business council by the General Director of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev. This plan involves the 5 countries creating a single a single payment system, and then carry out settlements on transactions in cryptocurrency. Dmitriev describes it as:
An efficiently operating BRICS payment system is able to stimulate settlements in national currencies and ensure the stability of settlements and investments between our countries, which form more than 20% of the global influx of foreign direct investment,Kirill Dmitriev – General Director of the Russian Direct Investment Fund (RDIF)
These discussions between BRICS members have been happening since 2017 after which the BRICS Business Council researched blockchain technology. As government-issued cryptocurrencies gain popularity, it will be interesting to see how things shape up after discussions among South Africa and other BRICS members.