Brazil seems to favor blockchain for BRICS cross-border trade, moving away from talk of a joint currency.
Brazil may be exploring blockchain to improve BRICS — which includes Russia, India, China, along with other members — trade transactions, with the topic potentially becoming a key focus during the country’s year-long presidency of the bloc, which began in January, Brazilian newspaper Valor Econômico reports, citing sources close to the matter.
The plan appears to be different from past discussions on a BRICS common currency. According to the people close to the talks, the intention is “not to create a currency to compete with the dollar as the standard medium of exchange in foreign trade” as the U.S. President Donald Trump has earlier threatened to impose a 100% tariff on those attempting to replace the American currency.
Instead, the focus seems to be on improving efficiency in international transactions. One possible step could be integrating blockchain into Brazil’s financial system, the report reads, adding that the country’s central bank has been testing Drex, a project aimed at creating a tokenized infrastructure for financial transactions for some time. However, the project is reportedly facing challenges in balancing privacy and regulatory oversight.
Stablecoins already in use
Another alternative could be a network similar to Brazil’s Pix system, though such an approach could potentially raise concerns about “governance and the sovereignty of the participating countries,” the report adds.
In April 2024, Russian deputy minister of foreign affairs Sergey Ryabkov suggested that stablecoins might play a role in international settlements among BRICS members, as the alliance has already set up a special communication channel between central banks. However, no official decision on stablecoins within BRICS has been made since then.
In March 2025, crypto.news reported that Russian oil firms are already using different cryptocurrencies and stablecoins to convert Chinese yuan and Indian rupees into roubles for trade.
Read the full article here