Brazil appears to be leaning towards utilizing blockchain technology for BRICS cross-border trade, moving away from discussions about a unified currency.
Brazil is reportedly considering blockchain solutions to enhance trade transactions within BRICS — a coalition that includes Russia, India, China, and other members. This topic may gain prominence during Brazil’s year-long presidency of the bloc, which commenced in January, according to reports from a local newspaper citing inside sources.
This initiative seems to diverge from earlier conversations regarding a common BRICS currency. Sources indicate that the aim is “not to establish a currency that competes with the dollar as the prevailing medium of exchange in international trade,” particularly in light of previous threats from U.S. officials to impose tariffs on those attempting to replace the American dollar.
Rather, the emphasis appears to be on enhancing the efficiency of global transactions. A potential step forward could involve integrating blockchain into Brazil’s financial framework. The report mentions that the country’s central bank has been working on Drex, an initiative aimed at developing a tokenized financial transaction infrastructure. However, this project is reportedly grappling with challenges related to maintaining privacy while ensuring regulatory compliance.
Usage of Stablecoins
Another prospect may involve a network akin to Brazil’s Pix system, though this could raise concerns regarding governance and the sovereignty of participating nations.
In April 2024, Russia’s deputy foreign minister Sergey Ryabkov hinted that stablecoins could facilitate international settlements among BRICS nations, following the establishment of a dedicated communication channel between central banks. However, no formal consensus regarding the use of stablecoins within BRICS has been reached since that statement.
In March 2025, reports emerged that Russian oil companies are already employing various cryptocurrencies and stablecoins to convert Chinese yuan and Indian rupees into roubles for trading purposes.