Brazil abandons plans for a common BRICS currency in favor of facilitating trade in national currencies, focusing on practical payment system reforms and blockchain technology implementation.

Brazil's BRICS presidency this year will not advance a common currency for the group of major developing economies this year, four government officials said, but its agenda may pave the way for less reliance on the U.

By bne intellinews Brazil will not pursue a common BRICS currency during its presidency of the bloc this year, focusing instead on facilitating trade in local currencies despite warnings from US President Donald Trump about challenging 'mighty' dollar dominance.

While speculation about a BRICS common currency has fueled debates, Brazilian officials have confirmed that such a move is off the table for 2025.

Brazil’s fast-growing instant payments system, Pix, is central to its financial innovation. Brazil also operates a Local Currency Payment System (SML), which allows transactions to be settled in local currencies rather than the dollar, but adoption has been slow due to settlement delays.

Leaders of the countries known as BRICS will hold a summit in Rio de Janeiro in July, the current chair Brazil announced Saturday.