The BRICS bloc—Brazil, Russia, India, China, and South Africa—has tempered its earlier ambitions to create a shared currency. Instead, it is now prioritizing the expansion of cross-border trade using national currencies. This shift was evident during the July 2025 BRICS Summit in Rio de Janeiro, where leaders emphasized financial cooperation over immediate currency unification.
Although a prototype BRICS banknote, referred to as the Unit, was showcased at the 2024 Kazan Summit, recent developments indicate that a launch is not on the horizon. Brazil, the current BRICS chair, confirmed that no significant decisions regarding a common currency are expected soon.
Reducing Dollar Dependency Without Destabilization
Russian President Vladimir Putin, once a vocal supporter of BRICS currency creation, has since moderated his position. “The bloc’s goal is not to break away from the US-dominated SWIFT system entirely,” he stated, “but to reduce the dollar’s weaponisation and promote the use of local currencies for trade between BRICS members.”
This pragmatic approach reflects growing concerns about economic volatility and the risks of provoking global market instability. The return of Donald Trump to the US presidency in early 2025 further complicated the economic landscape, with the dollar surging and BRICS currencies briefly weakening.
Infrastructure Over Ideology
Despite cooling talk of a unified currency, BRICS members remain committed to long-term financial autonomy. Key priorities now include expanding the BRICS Pay digital payment system, supporting sovereign transaction platforms, and strengthening the New Development Bank (NDB).
In a report following the summit, Corneliu Pivariu, a retired Romanian general and member of the IFIMES advisory board, noted:
“The summit reflects the consolidation of BRICS as an alternative, but cautious pole, without radical steps.” He added, “The BRICS strategy seems to be about laying the groundwork for autonomy rather than attempting to topple the dollar overnight.”
A Long Game Toward Multipolarity
Pivariu also emphasized that BRICS is shifting from rhetoric to practical measures, including building internal supply chains and pursuing technological cooperation.
“In the medium term, BRICS aims to create an integrated internal market and transform itself into a major global industrial-technological actor,” he said.
While the vision of a BRICS currency remains alive, the bloc is now playing the long game—laying down financial and digital infrastructure to reduce dependency on Western systems without triggering instability.
