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Instead, BRICS members Brazil, Russia, India, China and South Africa are pushing for more bilateral trade in local currencies. They are not ready to challenge the global dominance of the dollar.
Developing something alternative is more of a medium-to-long-term ambition," Leslie Maasdorp, vice president and chief financial officer of the New Development Bank, told Bloomberg. "There are currently no proposals to create a BRICS currency."
Before the virtual BRICS summit, Indian Foreign Minister Dr. S. Jaishankar stated that "there is no idea of a BRICS currency". "Currencies will remain a national issue for a long time to come," Jaishankar added.
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