BRICS Abandons Physical Currency Plan but Accelerates Dollar-Free Trade via Blockchain
The BRICS bloc has halted plans for a unified physical currency by 2025, yet its push to reduce dollar dependence is gaining momentum through blockchain-based alternatives. Brazil's removal of the proposal from its 2025 agenda marked the end of the banknote initiative, but member nations are pivoting to bilateral local-currency deals and swap arrangements. Russian President Vladimir Putin's symbolic display of a mock BRICS note at the 2024 Kazan Summit underscored the shift toward digital infrastructure, with potential deployment by 2026.
India's External Affairs Minister S. Jaishankar reinforced this strategic pivot at the Doha Forum, emphasizing decentralized financial mechanisms over traditional notes. Resistance persists among some members, but the bloc's focus on blockchain solutions signals a structural challenge to dollar hegemony in global trade.
