As of July 2025, BRICS leaders have not officially announced a new unified currency. Instead, they focus on reducing reliance on the U.S. dollar through alternative payment systems
Brazil’s Ambassador to India confirmed BRICS is not planning a New currency but aims to promote trade using local currencies among member nations
1️⃣ What BRICS Is Actually Doing
Global dollar replacement? Unlikely for now. But BRICS is actively cutting dollar dominance through local trade, digital currencies, and stronger regional ties.
✅ Trading more in local currencies:-
✔️Russia and China are settling a growing share of trade in rubles & yuan
✔️India has deals with UAE and Russia to use rupees.
✔️Reducing dollar reliance with local trade, digital payments, and regional ties quietly reshaping global finance.
✅ Developing digital payment systems:
✔️BRICS Pay, a platform concept to link national payment systems for smoother cross-border transactions.
✅ Building financial safety nets:-
✔️Through the New Development Bank and BRICS Contingent Reserve Arrangement, reducing reliance on Western institutions like the IMF or World Bank.
2️⃣What BRICS Could Do (Analysis & Future Possibility)
These are strategic possibilities — scenarios experts analyze that may happen but are not yet reality:
✔️ Increase multi-currency agreements even further — accelerating de-dollarization by systematically avoiding the dollar in energy & commodity trades.
✔️ Launch new digital or gold-backed instruments for trade settlement to directly compete with the dollar (many speculate, but there’s no formal BRICS agreement).
✔️ Form deeper monetary alliances, possibly leading to a long-term shared settlement framework or even a common reserve unit (still highly speculative).
🕯️Bottom line:
BRICS is not replacing the dollar today but they are reducing dependence gradually.
Analysts see potential for bigger shifts in the next decade but today’s actions are just steps, not a dollar overthrow.
