Analysis
Key Facts
BRICS has shelved the idea of a common currency. Brazil explicitly dropped it during its 2025 presidency, and India’s foreign minister has stated there is “no policy on our part to replace the dollar.”
The 2026 project is payment infrastructure, not a currency. BRICS Pay — linking Russia’s SPFS, China’s CIPS, India’s UPI and Brazil’s Pix — is targeted for operational deployment at the September 12–13 New Delhi summit.
mBridge, the multi-central-bank digital currency platform built with the Bank for International Settlements, had already processed over 4,000 transactions worth $55.49 billion by November 2025.
