The Shanghai Cooperation Organization (SCO) is working on a system that would allow its members to conduct transactions using their own national currencies. SCO Deputy Secretary-General Janesh Kain confirmed this to Izvestia, stating that the initiative is a top priority for the organization.
"SCO countries are eager to use their national currencies for trade and investment," - Kain explained. - "This topic has been under discussion at various levels for some time."
He acknowledged that creating such a system presents some legal hurdles, given the need to implement it across ten diverse countries, each with its own unique regulations. However, Kain expressed confidence that the SCO will overcome these challenges and achieve its goal.
This push towards national currency settlements comes as Russian President Vladimir Putin announced that transactions between Russia and other SCO states using national currencies exceeded 92% in the first four months of 2024.
GSV "Russia - Islamic World"
Photo: sco-russia2020.ru/Creative Commons 4.0
Based on materials from TASS