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- Brazil, as president of the BRICS, is advancing digital payment solutions to reduce reliance on Western financial systems like SWIFT.
- Inspired by Brazil’s Pix, the proposed system aims to enable direct transactions while minimizing dependence on the U.S. dollar.
Brazil, now leading BRICS, is gaining significant attention with a fresh agenda of crypto adoption. As the new president of the bloc, the country is exploring digital payment solutions to reduce reliance on Western financial systems, including SWIFT. Officials believe this could streamline transactions and strengthen financial autonomy.
The move comes in line with a broader strategy to create an independent clearing and depositary system for member nations. Brazil is spearheading efforts to make digital settlements a viable alternative, a shift that could significantly impact global trade dynamics. With Brazil now holding the presidency, this proposal has been placed high on the agenda.
BRICS in the Trump Era: A Changing World Order
The BRICS bloc, which comprises Brazil, Russia, India, China, and South Africa – along with new members like Iran, Saudi Arabia, the UAE and others, is gradually expanding its influence in the global arena.
The bloc, especially… pic.twitter.com/m0z6392iRL
— The GEOSTRATA (@TheGeostrata) March 13, 2025
The local newspaper, O Globo, reported that this initiative aims to speed up financial transactions among BRICS countries. More importantly, it seeks to lessen dependence on dominant foreign currencies like the U.S. dollar, which has historically played a central role in global commerce.
Rethinking BRICS Trade Without the U.S. Dollar
A common BRICS currency has been a topic of speculation for years. Some experts, including economist Jim Rickards, once suggested a gold-backed currency to challenge the dollar. However, BRICS leaders have taken a different route, focusing on an efficient digital payment system rather than a shared physical currency.
A potential model under discussion is similar to Brazil’s Pix system, which operates through various digital networks but is still tied to national fiat currencies, as we reported earlier. However, concerns about sovereignty and differing regulatory frameworks could complicate implementation. Unlike traditional methods, this system would enable fast, direct transactions without excessive bureaucratic barriers.
Russia has been particularly vocal in supporting this initiative. Russian Foreign Minister Sergey Lavrov confirmed that President Luiz Inácio Lula da Silva has been at the forefront of discussions about cross-border digital settlements. Brazil’s leadership is also exploring the creation of a transborder payment infrastructure and a BRICS reinsurance company.
Russia’s Blockchain Ambitions and BRICS Pay’s Role
The push for digital settlements follows a trend that Russia has long advocated. In 2024, Moscow proposed a blockchain-based payment system designed to reduce dependence on the U.S. dollar. While that initiative didn’t immediately gain traction, it appears to have influenced Brazil’s latest efforts within BRICS.
A key piece of the puzzle is BRICS Pay, a decentralized financial messaging system that has been operating since 2018. The platform allows direct transactions between BRICS nations using local currencies, bypassing traditional financial intermediaries. By eliminating a central control point, BRICS Pay strengthens transaction security and reduces costs.
Despite this momentum, not all parties are fully on board. Former U.S. President Donald Trump previously warned of a 100% tariff on BRICS nations if they attempted to move away from the dollar. This highlights the potential economic and political friction such a transition could create on the global stage.
