Despite US President Donald Trump’s ongoing threats with drastic tariffs in order to prevent dethroning of the US dollar, it seems that BRICS member countries may not adhere to these threats and that BRICS currency’s development may still be on the horizon, experts say.
“We require a commitment from these countries that they will neither create a new BRICS currency nor back any other currency to replace the mighty US dollar or they will face 100 percent tariffs and should expect to say goodbye to selling into the wonderful US economy,” Trump wrote on Truth Social in December 2024.
According to a source close to BRICS affairs, “at the last BRICS Summit in Kazan in October 2024, many participants, including founding members, new members, and even invited countries, were enthusiastically talking about an alternative to the US dollar,” and Russian President Vladimir Putin was even given a prototype BRICS bill.
Using local currencies in trade within the bloc, BRICS members are already practicing de-dollarization by committing to major deals in other currencies for oil and other resources although the launch date of the new currency is still unknown.
