Countries could transact using central bank digital assets linked to national currencies Russia has proposed to BRICS countries and partners a cross-border payment mechanism based on the BRICS Bridge transaction platform, Finance Minister Anton Siluanov told "Vedomosti". He explained how this mechanism will work. It is proposed that central banks issue digital financial assets (DFAs), similar to tokens, the minister said. Regarding the backing of such DFAs, various proposals are being considered. One of the main proposals is to peg their value to the national currencies of the countries. Transaction participants, such as companies, will use this infrastructure to conduct payments as an alternative to traditional transactions. This is not about creating a single settlement instrument for BRICS countries, but about using modern technological solutions to simplify and improve transaction procedures. Currently, the project is in the stage of deep development, a representative of the Ministry of Finance told "Vedomosti" in response to a clarifying question. The concept is being developed, possible settlement mechanisms and lists of potential project participants are being formed. The issue is periodically discussed on the BRICS platform, he added. Given the significant list of countries - potential participants of the platform and their active involvement, the project is very long-term. "We will implement it in stages, it is important for us to hear the opinion of all participants in the future platform."