For a long time, the BRICS countries have been trying to move away from the dollar. However, creating a common currency has not been possible so far, mainly due to the dominance of China’s economy within the group, which essentially means any common currency would de facto be the yuan.
But it’s reported that a solution has been found – instead of a currency, a new payment system will be used. BRICS Pay is not a BRICS currency, but rather an analog of SWIFT for transactions in national currencies.
Everything will operate on blockchain technology. Apparently, this will be integrated with the digital versions of the ruble, yuan, rupee, etc., whose creation is also expected in the very near future.