Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 7-9-25
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No BRICS Currency Planned, Says Group’s Envoy
Despite ongoing de-dollarization efforts, the BRICS alliance has no plans to launch a new joint currency, according to Brazil’s Ambassador to India, Kenneth Felix Haczynski da Nobrega. The statement follows the 17th BRICS Summit in Rio de Janeiro (July 6–7, 2025), where the focus shifted to trade in local currencies rather than creating a shared alternative to the U.S. dollar.
No BRICS Currency — Only Local Settlement Initiatives
“To speak of a BRICS currency… that is something that does not exist,”
— Kenneth da Nobrega, Brazilian Ambassador to India
Contrary to previous speculation, no BRICS-wide digital or fiat currency was discussed at the recent summit. Instead, BRICS members — which now include Brazil, Russia, India, China, South Africa and several newer entrants — are choosing a pragmatic approach: encouraging trade settlements in local currencies.
This move will be conducted on a “voluntary basis”, with the aim of reducing reliance on the U.S. dollar in cross-border trade. Nobrega emphasized this strategy is not a direct attack on the dollar, but rather an expansion of available trade options.
Local Currency Use Gains Momentum
“What we are envisaging is stimulating businesses of BRICS countries to adopt local currencies as an option for conducting trade,” Nobrega explained.
“This will be on a voluntary basis... just one more option, not a move against the dollar.”
The statement aligns with earlier remarks from Russia, which reported that 90% of its BRICS trade is already settled in local currencies.
This signals a growing trend across the bloc: de-dollarization by decentralization — empowering nations to transact in their own currencies rather than developing a complex and potentially controversial joint currency.
Why No BRICS Currency Yet?
According to the Ambassador, creating a BRICS currency is simply not feasible at this stage:
A new tender would require a robust legal and financial framework
The proposed currency would need global acceptance and forex credibility
Building such trust would take years of coordinated effort — something the bloc is not prepared to undertake now
For now, the strategic focus is on building mechanisms for local currency usage, which are easier to implement and less politically sensitive.
BRICS Pushes for a Multipolar Financial System — Without a Single Currency
While a joint BRICS currency isn’t on the table, the broader mission remains: reshape the global financial order into a more multipolar and inclusive system.
The Rio summit saw member nations calling for fairer global trade practices
The emphasis was placed on sovereign monetary policies and regional payment infrastructure
Moves like the expansion of the BRICS New Development Bank are reinforcing financial independence
Conclusion: No New Currency — But De-Dollarization Marches On
While some anticipated a BRICS currency rollout to rival the U.S. dollar, the alliance has made clear its current path: voluntary trade in local currencies, not a shared tender.
This shift offers flexibility, respects member sovereignty, and lowers the risk of geopolitical backlash — all while chipping away at dollar dominance through incremental, cooperative de-dollarization.
@ Newshounds News™
Source: Watcher.Guru
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