BRICS Pay the slow creation of a global currency

While it is not sure when it will be formally created, BRICS Pay is poised to become an alternative to the dollar:

- mohan

The July 2025 BRICS summit at Rio de Janeiro in Brazil has given a new direction to the proposed ambitious payments system of the 10-nation BRICS Group (comprising Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russian Federation, South Africa and the United Arab Emirates). While the summit declared that there will be closer monetary cooperation between the member-countries, it also said the prospects of a single currency is definitely possible, but when is an uncertainty. It outlined that there will be a new cross-border payment platform, which is 'under development'. Brazil has now taken the lead in the next phase of the development.

NOT AGAINST DOLLAR

While Russia had earlier declared that the concept of BRICS Pay is to rival the dominance of the US dollar in international payments and prevent 'the dollar being used as a weapon', the July Summit softened the stand stating that in developing and introducing BRICS Pay, the group is not conspiring to undermine the dollar. The summit was informed that even in the absence of a uniform currency, 90% of the trade between the member-countries is now in local currencies.