- Brazil’s Vice President Geraldo Alckmin stated BRICS does not plan to replace the US dollar.
- BRICS aims to provide emerging economies with more influence and alternatives to reduce costs.
- The bloc discusses local-currency settlements and alternative payment methods but not a new BRICS currency in 2025.
- BRICS seeks protection from unfavorable US policies while maintaining cooperation with Washington.
- The US dollar remains the dominant global currency for trade and finance.
Brazil’s Vice President Geraldo Alckmin addressed questions about the future of currency use within the BRICS alliance, which includes Brazil, Russia, India, China, and South Africa, plus five new members. He confirmed the group is not devising plans to replace the US dollar for trade among its members. According to discussions, the alliance aims to find cost-effective alternatives to the dollar amid growing tensions with the United States.
Alckmin emphasized that BRICS is not directed against any country or currency. Instead, its purpose is to give emerging economies a stronger voice and better tools in a global system presently dominated by developed nations. The group is exploring payment options using local currencies to reduce transaction costs and vulnerabilities connected with dependence on the US dollar, as mentioned by the Brazilian official.
The discussions involve potential local-currency settlements and alternative payment arrangements designed to lessen costs and exposure rather than eliminate the US dollar from commerce. At the same time, Brazil maintains a constructive relationship with Washington, while also strengthening South-South cooperation with partners like India. This approach reflects a pragmatic stance rather than confrontational intent, according to Alckmin’s statements.
No plans for introducing a new BRICS currency by 2025 have been announced. The US dollar continues to be the predominant currency for global trade and the international financial system. The alliance is focused on sheltering its members from unfriendly US policies by exploring alternative settlement options without challenging the dollar’s current supremacy.
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