BRICS Countries Ready to Use New Currency for Transactions

Bittime - Information about the BRICS currency plan is still widely heard, considering its vision to fight dollar domination.

Based on the latest information from the BRICS Summit held in Kazan, Russia, October 2024, all BRICS countries stated that they were ready to use BRICS currency for transactions.

Commitment of Leadrs of BRICS Countries

BRICS leaders pledged to build an innovative local currency-based payment network at the 16th BRICS Summit held in Kazan, Russia. 

During the meeting, they emphasized the importance of creating a more integrated financial system among member countries, with a primary focus on cross-border transactions using local currencies.

Based on a statement released on Thursday, October 24, BRICS confirmed its commitment to strengthening financial cooperation between members. 

Read Also: BRICS, Dedollarization and Its Impact on Crypto

The statement highlights the benefits of faster, cheaper, more efficient, transparent, secure and inclusive cross-border payment instruments, while prioritizing the principles of reducing trade barriers and non-discriminatory access. 

BRICS leaders also welcomed the use of local currencies in financial transactions among BRICS countries and their trading partners.

The Vital Role of the New Development Bank in BRICS

The New Development Bank (NDB) is recognized as an important institution in supporting infrastructure and sustainable development in its member countries. 

BRICS leaders highlighted the NDB's key role in strengthening infrastructure and sustainability, while expressing full support for the NDB's steps to expand local currency-based financing and foster innovation in investment and financing tools.

Referring to the context of the NDB's General Strategy for 2022-2026, the BRICS leaders emphasized the importance of strengthening corporate governance at the NDB to face the growing financial demands across the BRICS network.

BRICS Currency Working Mechanism

BRICS leaders welcomed the important role of the Interbank Cooperation Mechanism (ICM) in supporting financial innovation for projects and programs, especially in developing financing mechanisms that enable the use of local currencies. 

They expressed ICM's commitment to expanding innovative financial practices among member countries.

Read Also: BRICS Currencies Challenge Dollar Dominance

Further Steps of the BRICS Countries

The leaders of the BRICS countries also instructed finance ministers and central bank governors to continue evaluating the use of local currencies, payment instruments and related platforms, and report on developments during the term of the next BRICS President. 

This focus on collaborative financial structures demonstrates BRICS' ambition to build a strong and integrated financial network, supporting growth and stability in emerging markets.

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