BRICS to launch new currency “Very Soon” in bid to challenge US Dollar

Rio de Janeiro, July 2025 – In a landmark announcement at the closing session of the 2025 BRICS Summit, leaders of the ten-nation bloc declared that a new BRICS common currency—soon to be unveiled—will start replacing the US dollar in intra-BRICS trade deals as early as later this year.

Brazilian President Luiz Inácio Lula da Silva, underlining the bloc’s commitment to “a multipolar financial order,” said the currency rollout is “imminent” and marks a pivotal step toward de‑dollarisationThe Economic Times+2Reuters+2The Times of India+2Wikipedia+5Investing News Network (INN)+5El País+5. Though details remain closely guarded, sources suggest the new currency may be underpinned by a basket of BRICS national currencies and gold, and integrated within the emerging BRICS Pay/Bridge blockchain payment framework designed to bypass SWIFT and reduce reliance on USD clearing systemsLe Monde.fr+3Investing News Network (INN)+3Wikipedia+3.

🌍 Strategic Context

• Economic sovereignty: The currency is being portrayed as a tool to shield BRICS economies—particularly Russia, China, Iran, and Brazil—from Western financial sanctions and US dollar dominance.

• New Development Bank stance: Though the New Development Bank’s President Dilma Rousseff confirmed that they aren’t issuing a single currency via the bank, the emphasis is on accelerating blockchain payment systems and local‑currency financingEl País.

• Internal divisions: India and South Africa have shown cautious support, focusing more on derisking and cross-border payment efficiency, rather than creating a unified currencyLe Monde.fr+15Wikipedia+15Wikiped