India Drops Bombshell Update on BRICS Currency – Here’s What You Need to Know

BRICS just got hotter. India’s latest reveal on the bloc’s upcoming currency could send shockwaves through global finance—and the dollar’s dominance.

The De-Dollarization Playbook

No more whispers in backroom summits. New Delhi’s transparency push exposes concrete steps toward a gold-backed, blockchain-ready alternative. Take that, SWIFT.

Why Traders Should Care

Forget CBDC foot-dragging. This moves at emerging-market speed—with China and Russia holding the throttle. The forex markets won’t know what hit them.

One currency to rule them all? Maybe. But let’s see if they can agree on lunch orders first.

India Spills the Beans on BRICS Currency Formation

Dammu Ravi, India’s Sherpa and Secretary (Economic Relations) in the Ministry of External Affairs spilled the beans on the currency formation. Ravi confirmed that the discussions and development of a common BRICS currency have not gone full-fledged but remain

He revealed that the discussions are still in their nascent steps and have a long way to go for the formation. Therefore, the launch of a new BRICS common currency might take years, if not decades to turn reality. Despite floating the idea for more than two years, the alliance is still in the early stages of discussions.

Moreover, the formation of a BRICS currency is consensus-based and all member nations need to agree to its development. The formation will take longer than expected as launching a new tender requires several policies and frameworks. It also needs a central bank that controls and manages the currency providing guidelines for its use cases and transactions.

The WHITE House pressing sanctions on developing countries made the alliance to safeguard their economies from the US dollar. It gave rise to the idea of a BRICS currency but the formation shouldn’t be taken lightly by the US. Even if it is launched after 25 years, it still poses a threat to the US dollar’s global supremacy.