The BRICS group of nations, expanded to include members such as Egito, Etiópia, Irã, Arábia Saudita and Rio from Janeiro in 2025, seeks to establish a robust alternative to dependence on the US dollar in international commercial transactions. The strategic move responds to growing geopolitical tensions and members’ vulnerability to financial sanctions imposed by the Ocidente, aiming to strengthen the economic sovereignty of a bloc that already represents a substantial portion of the world economy.
The BRICS’ central proposal is to build an independent financial infrastructure, capable of protecting and boosting trade between member countries. The project establishes clear and structured goals to achieve this autonomy, moving away from the financial system dominated by Western currencies.
These goals include reducing transaction costs by eliminating the need to convert to the dollar and shielding the bloc’s economies from currency volatility and potential financial sanctions. Encouraging the use of local currencies strengthens bilateral trade and economic integration, and seeks to increase the group’s influence in global financial institutions.
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Digital structure: the heart of BRICS Pay
The technological basis for this new financial era is the BRICS Pay platform, a payments system that will allow direct transactions between member countries’ local currencies, such as the real, the ruble and the yuan. The primary objective is for commercial operations to occur fluidly and without the intermediation of the dollar, which currently holds a dominant position in the SWIFT system.
Inspired by the success of instant payment systems such as the Brazilian Pix, the project will use Moedas Digitais and Bancos Centrais (CBDCs) and blockchain technologies. Essa combination aims to ensure safe, fast and low-cost transactions, promoting greater efficiency and transparency. Testes pilot involving Brasil, Rússia and China are scheduled to begin in 2026, marking a crucial phase of technology validation.
The role of Brasil in articulating the new financial architecture
Brasil has stood out as one of the main articulators of the proposal, with president Luiz Inácio Lula of Silva publicly defending the need for a system that promotes greater autonomy for emerging nations. The successful experience of Banco Central, Brasil and Pix gives the country technical credibility and leadership in the development of the new platform.
Brazilian expertise in digital payments is seen as an asset for the advancement of BRICS Pay. The ability to create and manage a robust, widely adopted system internally can be replicated on a global scale.
Models for the BRICS unit of account
Currently, the bloc’s experts are analyzing three main models for the future monetary unit, seeking the best way to establish a value reference for trade. Cada alternative presents distinct characteristics and potential benefits for the group’s economic stability.
The first model, and more advanced in discussions, proposes a fully digital system based on the integration of CBDCs from each member country through the BRICS Pay platform. The Este format would take advantage of the digital infrastructure already being developed by nations such as the China, which is leading with its digital yuan, and the Brasil itself, with the Drex. The main advantage would be the agility and security provided by blockchain technology, facilitating trade and direct investments without the need for complex currency conversions.
Another alternative under consideration is the creation of a currency backed by a basket of commodities, such as gold, oil and other natural resources abundant in the BRICS countries. Esse model would offer a more tangible and stable value base compared to traditional fiat currencies, acting as a hedge against inflation and instability in global financial markets. Tal approach could diversify reserves and reduce exposure to external currency fluctuations.
A third path would be the creation of a unit of account, similar to the IMF’s Direitos Especiais of Saque (DES), which would function as a reserve asset for the bloc’s central banks. Esta unit would not circulate as currency, but would serve to settle trade balances between members and stabilize exchange rates. The complexity of negotiations and the need for consensus between such diverse economies represent considerable challenges for any of these options.
Implementation obstacles and complex internal dynamics
Despite progress in discussions, the implementation of a common currency or reference system faces considerable barriers. The profound differences in each member’s monetary policies and economic systems pose a significant technical challenge to harmonization and the creation of a unified regulatory framework.
Internal geopolitical tensions, especially the historical rivalry and competition for regional influence between China and Índia, may hinder the consensus necessary for a project of such magnitude. Chinese economic dominance also raises concerns about a possible power imbalance within the new system, which requires a delicate balance of interests.
Furthermore, there is resistance from sectors of the financial market and exporters in some countries, who fear losing the flexibility and liquidity offered by the dollar in global transactions. The complexity of negotiating detailed multilateral agreements also adds a layer of difficulty to the timeline, requiring an ongoing diplomatic effort to overcome disagreements and build a shared vision.
The financing and strategic role of Novo Banco of Desenvolvimento
The Novo Banco of Desenvolvimento (NDB), known as the BRICS bank, plays a central role in financing and enabling this transition to a more autonomous financial system. The institution, currently chaired by Dilma Rousseff, has as one of its main mandates to promote projects that increase the use of local currencies in commercial and financial transactions.
In 2024, the NDB announced the release of US$30 billion intended to finance projects that support the gradual de-dollarization of member countries’ economies. Esse amount will be crucial to develop the necessary technological infrastructure for the BRICS Pay and to support companies in the transition to new payment mechanisms.
The bank’s strategy is to increase the share of loans granted in local currencies, a goal that has already been pursued in recent years. China, with the yuan already being used in a significant portion of the block’s transactions, strongly supports this direction, seeing it as an opportunity to further internationalize its currency. The NDB’s actions are seen as fundamental to providing technical and financial support, ensuring that the transition to a new payment system is structured and sustainable for all members of the group, mitigating risks and promoting cooperation.
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International reactions and the geopolitical scenario
The BRICS initiative is observed with attention and some apprehension by Western powers, especially by the Estados Unidos. The possibility of a viable alternative to the dollar, which currently accounts for more than 80% of global commercial transactions and makes up the majority of international reserves, is seen as a direct challenge to its financial hegemony. Autoridades North Americans have already expressed concern about the progress of the project, and political figures, such as former president In contrast, BRICS leaders, such as President Lula, have reiterated that the search for greater autonomy is not an “anti-American” movement, but rather a strategy to create a more multipolar and balanced global financial system, which reflects the new global economic reality and the growing participation of emerging countries.
Practical advances to strengthen intra-bloc trade
While the architecture of a common currency is debated and developed, BRICS countries are already implementing practical measures to reduce dependence on the dollar in their daily operations. Bilateral Acordos for trading in local currencies are becoming increasingly common, such as the mechanism established between Brasil and Argentina for transactions in reais and pesos.
The Kazan summit, held in 2024, was an important milestone in consolidating the foundations for the BRICS Bridge payments system, precursor to BRICS Pay. Essas initiatives demonstrate firm political commitment and serve as essential pilot projects for the broader financial integration planned for the coming years, building trust and testing the viability of new infrastructure.