Russia is actively working on developing a digital currency for the BRICS group of nations, according to the Russian central bank's first deputy governor.Olga Skorobogatova revealed that a working group had been set up to explore the feasibility of creating a common digital currency for BRICS countries.She made the announcement during a speech at the BRICS Finance Ministers and Central Bank Governors Meeting in New Delhi, India."We are actively working on the development of a digital currency for the BRICS countries," Skorobogatova said."A working group has been set up to explore the feasibility of creating a common digital currency for BRICS countries."The BRICS group of nations includes Brazil, Russia, India, China, and South Africa.The move by Russia to develop a digital currency for the BRICS group comes as the country continues to face economic sanctions from the West over its invasion of Ukraine.Russia has been looking to develop closer ties with other countries, particularly those in the BRICS group, in order to reduce the impact of the sanctions.A digital currency would allow BRICS countries to trade with each other without having to use the US dollar or other Western currencies.It would also help to reduce the cost of cross-border transactions and make it easier for businesses to operate across borders.However, there are still a number of challenges that need to be overcome before a BRICS digital currency can be launched.These include the need to develop a common technical standard, to agree on the governance of the currency, and to ensure that it is secure and compliant with international regulations.Despite these challenges, the move by Russia to develop a digital currency for the BRICS group is a significant step forward in the development of a new international monetary system.