Faced with the weakening of the global monetary system and the contested domination of the dollar, the BRICs are advancing discreetly but surely towards a strategic alternative: a common currency backed by sovereign digital infrastructures. Carried by a block now extended and economically influential, this initiative aims to redesign the global monetary balance. While the instability of fiduciary currencies worsens, the emergence of such a project challenges markets, institutions and observers: is it a strong signal to a new multipolar economic order?
In short
- The BRICS strengthen their monetary cooperation with a clear objective: to launch a common currency from 2026.
- At the last summit, the leaders have acted concrete advances, in particular via the expansion of regulations in local coins.
- The project is based on BRICS PAY, a digital infrastructure under development to facilitate cross -border payments.
- Pilot tests are planned before 2026 in order to assess the compatibility of the systems and the viability of a common currency.
The political and monetary axis is consolidated
During the 17ᵉ Summit of the BRICS, held at the beginning of July 2025 in Brazil, the leaders took a new stage in their desire for monetary emancipation from the dollar. Thus, the members of the block have “Reaffirmed their commitments in monetary cooperation” and act “Substantial advances in the expansion of trade in local currencies as well as in the development of BRICS PAY”.
Even if no official launch date has been set, analysts consider that the project follows a “Approach structured in several phases” And that 2026-2027 is now the realistic horizon for operational implementation.
The dynamics engaged within the block show a concrete rise, supported by several strategic levers:
- The intensification of regulations in local coins: Russia and China favor the ruble and the Yuan in their bilateral trade, while India develops the use of the rupe with the countries of the Global South;
- A strengthening of the BRICS PAY project: a common payment system, at the heart of the Bloc's financial sovereignty strategy;
- The assertive objective of dedollarization: an active reduction in the use of the dollar in exchanges, in particular for raw materials;
- The widening of the block: this new perimeter represents 46 % of the world's population and 37 % of global GDP, which increases the legitimacy of a monetary alternative.
These elements no longer fall under diplomatic rhetoric. They reflect real coordination, consolidated by tangible economic and diplomatic facts. The block now displays a clear ambition: to build an independent monetary infrastructure, in a precise calendar, and with interoperable tools already in development.
Digital infrastructure, pillar of the monetary project
Beyond political and commercial dimensions, the BRICS currency project is based on an ambitious technological base. Indeed, the Member States “Actively build sophisticated payment systems” capable of supporting the future common digital currency.
These infrastructure is based in particular on blockchain to facilitate cross -border payments and bypass traditional systems such as Swift. The development of BRICS Pay constitutes the heart of this technical strategy, with the aim of interconnecting central banks and end users via a unified, interoperable and resilient interface.
The research work on Central Bank (CBDC) is also being integrated into the architecture of the project. Thus, member countries “Productively advance in research on the integration of CBDCs”with pilot programs planned to test the key stages of the calendar by 2026.
These experiments should make it possible to calibrate the compatibility between existing national digital currencies and a supranational monetary unit still in gestation. The stake is twofold: guarantee the fluidity of multilateral regulations while ensuring the monetary sovereignty of each Member State.
The implications of such a switch are major. A functional BRICS currency, in particular the large rocking towards local currencies, could redefine global monetary correlations, influence the formation of raw material prices (in particular energy) and offer the countries of the overall southern southern alternative to the dollar. However, the success of the project will depend on fine coordination between economies with divergent profiles, the political stability of the members and the ability to establish confidence in a still theoretical monetary unit.
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