BRICS laying first tracks for new global payment system

BRICS laying first tracks for new global payment system.

A BRICS currency to facilitate de-dollarization remains a distant dream, but a digital currency alternative to SWIFT is nearly here. The focus will be on a payment system linking national digital currencies. By prioritizing this infrastructure over launching a new currency, the bloc makes a pragmatic bet that practical systems will reshape global finance more than symbolic gestures.

At the summit, a crucial agenda item signals a potential shift: developing a BRICS payment system built on interoperable central bank digital currencies (CBDCs).

This infrastructure-focused initiative has drawn less attention, as it avoids the drama of calls for a ‘BRICS currency’ or overt de-dollarization. However, its avoidance of headline-grabbing moves may make it more consequential, underscoring the main argument: practical infrastructure changes can reshape finance more than symbolic challenges.

In this spirit, rather than challenging the dollar directly, the proposal focuses on a more pragmatic approach—building alternative payment rails that allow trade to be settled directly between national digital currencies, reducing reliance on the dollar-based SWIFT system.