The Brazilian ambassador to India confirmed that BRICS is not planning a new currency, but seeks to promote trade using local currencies among member countries.
1️⃣ What BRICS is really doing
Global replacement of the dollar? Unlikely for now. But BRICS is actively reducing dollar dominance through local trade, digital currencies, and stronger regional ties.
✅ More trade in local currencies:-
✔️ Russia and China are settling an increasing portion of trade in rubles and yuan.
✔️ India has agreements with the UAE and Russia to use rupees.
✔️ Reducing dependence on the dollar with local trade, digital payments, and regional ties that are quietly reshaping global finance.
✅ Development of digital payment systems:
✔️ BRICS Pay, a platform concept to link national payment systems for smoother cross-border transactions.
✅ Building financial security networks:-
✔️ Through the New Development Bank and the BRICS Contingent Reserve Agreement, reducing dependence on Western institutions like the IMF or the World Bank.
2️⃣ What BRICS could do (Analysis and Future Possibility)
These are strategic possibilities: scenarios that experts analyze that may happen but are not yet reality:
✔️ Further increasing multi-currency agreements — accelerating de-dollarization by systematically avoiding the dollar in energy and commodity trade.
✔️ Launching new digital or gold-backed instruments for commercial settlement to compete directly with the dollar (many speculate, but there is no formal BRICS agreement).
✔️ Forming deeper monetary alliances, possibly leading to a long-term shared settlement framework or even a common reserve unit (still highly speculative).
🕯️ In summary:
BRICS is not replacing the dollar today, but they are gradually reducing dependence.
Analysts see potential for bigger changes in the next decade, but today's actions are just steps, not a overthrow of the dollar.
#DeDollarization #GlobalTrade
$BTC $ETH $XRP