Jean Luc And Peter Mingils on BRICS Currency on Building Fortunes Radio

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Jean Luc and Peter Mingils talk about what is happening with the currency being generated by the BRICS Nations

The BRICS Currency: Reality Check in 2025Talk of a common BRICS currency has been circulating for years, usually accompanied by dramatic headlines claiming it will "end the dollar's dominance” overnight. As of late 2025, that still hasn't happened — and it almost certainly won't anytime soon.What actually exists is the BRICS Contingent Reserve Arrangement (CRA) and growing use of national currencies in cross-border trade. Since the 2024th BRICS summit in 2024 (Kazan, Russia), members have accelerated de-dollarization efforts:

• Over 95 % of Russia–China trade is now settled in rubles and yuan
• India and the UAE settled their first oil transaction in rupees in 2023 and have expanded the practice
• Brazil and Argentina launched a local-currency payment pilot
• The New Development Bank (NDB) is issuing more loans in member currencies rather than USD

A genuine single BRICS currency, however, faces insurmountable hurdles:

1. Vastly different inflation rates (Brazil ~4 %, Russia ~7–8 %, South Africa ~5 %, India ~5–6 %, China ~0–2 %)
2. No political appetite for surrendering monetary sovereignty (China will never accept a currency it doesn't control; neither will India)
3. Lack of deep, liquid capital markets in any BRICS currency except the yuan — and even yuan internationalization remains limited by capital controls

The more realistic project is "Unit,” a blockchain-based settlement platform discussed in Kazan for wholesale cross-border payments using central bank digital currencies (CBDCs). It's essentially an upgraded SWIFT alternative, not a gold-backed super-currency.Bottom line: BRICS is successfully reducing dollar dependence in bilateral trade and building parallel financial infrastructure. That's significant geopolitically, but it is not the birth of a new reserve currency. The U.S. dollar still accounts for ~58 % of global foreign-exchange reserves and ~88 % of international transactions (SWIFT data, 2025). Reports of its death remain greatly exaggerated.

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