CSDI News
CSDI Joins BRICS Clear Initiative to Launch Blockchain-Based Settlement Platform
CSDI contributes to an innovative initiative led by BRICS+ member countries to develop a state-of-the-art interstate digital settlement platform based on distributed ledger technology.
Central Securities Depository of Iran (CSDI) has become a participant in an innovative initiative led by BRICS+ member countries to develop a state-of-the-art interstate digital settlement platform. By utilizing distributed ledger technology, this proposed platform aims to transform cross-border securities transactions.
Within the BRICS Business Council and its Financial Services Working Group (FSIWG) Task Force on BRICS Payments and Fintech, the BRICS Clear initiative suggested and led by the Russian National Securities Depository (NSD), enhances collaboration among member states through the blockchain-based platform. This system will enable seamless cross-border transfers of securities and related messages using smart contracts, providing a modern alternative to traditional linkage frameworks.
During its initial phase, the platform will prioritize cross-border securities transfers and related messaging. Importantly, it will operate alongside existing national systems, ensuring minimal disruption to domestic operations and eliminating the need for extensive legislative changes. This strategy aims to encourage broader participation from BRICS+ members and other financial market infrastructures.
By promoting the development of domestic capital markets and facilitating cross-border financing, this groundbreaking platform is expected to enhance financial stability and spur economic growth within the BRICS+ community.
To effectively contribute to this ambitious project, CSDI has established a specialized internal working group composed of relevant departments within the International Business Development Committee.
BRICS+, an intergovernmental organization that includes Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates, has evolved from an investment platform into a significant geopolitical bloc.
Release Date: 8/5/2024
