The BRICS bloc of nations, now expanded with the inclusion of Egito, Etiópia, Irã, Arábia Saudita and Emirados Árabes Unidos, is accelerating plans to create an independent financial infrastructure. The initiative, which aims to launch a unified payments system and a potential reference currency by 2026, represents one of the most significant challenges to the hegemony of the US dollar in recent decades. The aim is to strengthen the economic sovereignty of member countries and protect them against financial sanctions and global currency market volatility.
The proposal gained strength after the Kazan summit, at Rússia, in 2024, and will be a central agenda at the meeting scheduled for the Rio of In seeking this autonomy, the bloc, which represents a considerable portion of the world’s population and GDP, seeks to redefine the rules of international trade.
The project sets clear goals for building a financial ecosystem that encourages the use of local currencies, reduces transaction costs and promotes greater economic integration among emerging nations. The idea is not to replace the dollar completely, but to create a viable and robust alternative that offers more resilience and flexibility for the group’s economies, increasing its influence on global financial decisions.
The technological basis of the new payments system
At the heart of this ambitious initiative is the BRICS Pay platform, designed to act as a backbone for transactions between member countries. The system will allow commercial and financial operations to be carried out directly in local currencies, such as the Brazilian real, the Russian ruble, the Indian rupee and the Chinese yuan, eliminating the need for conversion to the dollar. Isso not only simplifies the process, but also significantly reduces the costs and time associated with international transactions that currently depend largely on the SWIFT network.
The inspiration for the platform comes from successful instant payment systems, notably the Brazilian Pix. The technology behind BRICS Pay will combine elements of Moedas Digitais and Bancos Centrais (CBDCs), which are already in an advanced stage of development in countries such as China and Essa technological fusion aims to create a fast, secure and low-cost transaction environment, capable of processing a large volume of operations. Testes pilot involving Brasil, Rússia and
Brazil assumes leading role in financial articulation
Brasil has played a leading role in articulating the bloc’s new financial architecture. President Luiz Inácio Lula of Silva has been a vocal advocate of the need to create alternatives to the traditional financial system, arguing that a more multipolar world also requires a greater diversity of reference currencies. The Brazilian stance reflects a desire for greater autonomy for developing nations.
Brasil’s technical credibility in this area is reinforced by the success of Pix, an instant payments system developed by Banco Central. Brazilian experience in creating, implementing and managing a digital platform widely adopted by the population is seen as a valuable asset for the development of BRICS Pay, positioning the country as a key player in the construction of this new infrastructure.
The three proposals for the bloc’s monetary unit
As the payments system advances, BRICS experts debate three distinct models for creating a unit of account or reference currency. The first proposal, and the most advanced, is that of a fully digital system based on the integration of CBDCs from each member country through a common platform, such as BRICS Bridge, precursor to BRICS Pay. Este model would take advantage of existing and developing digital infrastructure, facilitating direct trade.
The second alternative under study is the creation of a currency backed by a basket of commodities. Recursos like gold, oil and minerals, abundant in the bloc’s countries, would serve as a guarantee of value, offering a more stable and tangible basis compared to fiat currencies. Tal approach could protect economies against inflation and financial market instability by diversifying international reserves.
A third path would be the development of a synthetic unit of account, similar to the Direitos Especiais of Saque (DES) of the Fundo Monetário Internacional (IMF). Este asset would not circulate as a physical or digital currency to the public, but would function as a reserve asset for BRICS central banks, used to settle trade balances and stabilize exchange rates between members.
Each of these options presents technical and political complexities. The final choice will depend on a delicate negotiation process to align the interests and capabilities of such diverse economies, being one of the biggest challenges for consolidating the bloc’s financial project in the coming years.
Internal challenges and the group’s complex geopolitics
Despite optimism and political progress, the implementation of a unified financial architecture for the BRICS faces significant obstacles that go beyond technology. The profound structural differences between member countries’ economies, with distinct monetary, fiscal and regulatory policies, represent a monumental technical challenge. Harmonizar these systems to create a cohesive framework will require years of negotiations and mutual concessions. Além In addition, the internal geopolitical dynamics of the bloc itself add a layer of complexity. The historical rivalry and competition for regional influence between China and Índia, two of the group’s largest economies, can make it difficult to reach a quick consensus on a project of such strategic magnitude. The economic dominance of the China also raises concerns among other members about a possible power imbalance within the new system, where the yuan could assume a centralized role, contradicting the objective of creating a balanced, multipolar structure. Superar these barriers will require a continuous diplomatic effort and the construction of governance mechanisms that guarantee the equitable participation of all members.
The role of Novo Banco of Desenvolvimento in financing
Novo Banco of Desenvolvimento (NDB), known as the BRICS bank, is the main financial institution in charge of facilitating this transition. Sob the presidency of former Brazilian president Dilma Rousseff, the NDB’s strategic mandate is to promote projects that promote the use of local currencies, gradually reducing dependence on the dollar.
To support this goal, the bank announced in 2024 the allocation of US$30 billion to finance infrastructure and development projects that encourage de-dollarization. Esses resources will be essential to build the technological infrastructure necessary for BRICS Pay and to support companies in adapting to new payment mechanisms.
The NDB’s strategy is to progressively increase the share of loans granted in member countries’ currencies, a goal that is already underway. The bank’s actions are essential to provide the technical and financial support necessary for the transition to occur in a structured and sustainable way for all members.
Global reactions and the future of dollar hegemony
The BRICS initiative is followed with great attention by Western powers, especially the Estados Unidos. The prospect of a functional alternative to the dollar, which dominates global trade and reserves, is interpreted as a direct challenge to its financial influence. Autoridades of the American Tesouro and Federal Reserve monitor developments, while political figures express concern about the implications for the country’s economic security.
BRICS leaders, in turn, insist that the objective is not to create an “anti-American” movement, but rather to build a fairer, multipolar international financial system that reflects the growing economic importance of emerging nations. The search for greater autonomy is presented as a natural evolution of the global economic order.
Concrete initiatives for trading in local currencies
While the architecture of a common reference currency is being developed, BRICS countries are already adopting practical measures to strengthen intra-bloc trade. Acordos bilaterals that allow transactions in local currencies are becoming more frequent, serving as pilot projects for broader financial integration and building the trust needed for more complex systems in the future.