BRICS Envoy Shuts Down Rumors: No Unified Currency in the Works

Another day, another geopolitical pipe dream deferred.

The BRICS alliance—often touted as the anti-Western financial cavalry—just confirmed they won’t be rolling out a shared currency anytime soon. So much for dethroning the dollar.

Why it matters: Without a unified monetary system, the bloc’s ambitions to reshape global finance remain stuck in committee purgatory. Goldbugs and Bitcoin maxis will have to keep waiting for their fiat-alternative messiah.

The bottom line: Until BRICS stops treating monetary policy like a group project where nobody does the work, traditional finance will keep yawning. Meanwhile, decentralized networks eat their lunch.

BRICS Has No Plans of Creating a New Currency, Says Envoy

The Brazilian Ambassador to India revealed that BRICS is not envisioning creating a new currency. He stressed that the bloc is envisaging business deals in local currencies to replace the US dollar. The possibility of member nations accepting local currencies for trade is higher as they aim to end reliance on the USD.

he said to The Hindu.he confirmed.

he said.

A new BRICS currency requires a rigorous legal framework which the bloc is not prepared to work on. The best option for now, as explained by the Envoy is to use local currencies for settlements. Launching a new tender also needs to gain the trust of other nations to survive in the forex markets.