Development of Russian university is among payment instruments recommended for BRICS countries
In 2022, the university's experts created a decentralised system of interbank messages
The BRICS Business Council has approved a report with a list of international payment instruments recommended for use in the BRICS countries. The list includes the development of St. Petersburg State University (SPbU), Decentralised Cross-border Message System (DCMS). SPbU is a partner of TV BRICS.
According to the press-service of the educational institution, the DSMS was created in the Centre for Distributed Registry Technologies of SPbU. This development can ensure the confidentiality of transmitted messages, as well as enable any country to pursue an independent financial policy.
University specialists started this project in 2019 after the creation of a new payment system for BRICS countries was identified among the key priorities of the group's work. The full-fledged version of the DCMS was presented in 2022.
The SPbU development was included in the list of initiatives to ensure the economic sovereignty of the Russian Federation. In addition, the Russian Union of Industrialists and Entrepreneurs is currently successfully applying DCMS components in cross-border settlements.
It is expected that all the financial instruments proposed in the BRICS Business Council report will be able to integrate with existing national payment systems in the gpoup's countries after passing international testing.
SPbU pays great attention to the implementation of programmes and research aimed at studying the BRICS+ countries. In addition, the institution acts as an expert organisation in the field of international law, medicine and many other issues within the association.
Photo: iStock
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