BRICS Accelerates De-Dollarization: Unit, CBDCs, Payments…

India steers BRICS' 2026 de‑dollarization drive — expanding BRICS Pay, launching a gold‑backed BRICS Unit and linking CBDCs for local‑currency settlements.

  • India assumed the BRICS presidency and is steering a 2026 push to reduce reliance on the U.S. dollar.
  • BRICS Pay expansion has cut dollar use in intra-bloc trade by roughly two-thirds.
  • The newly launched BRICS Unit began after an October 31, 2025 pilot of 100 Units backed 40% by Gold and 60% by BRICS currencies.
  • BRICS members are developing CBDC links to connect the digital ruble, yuan, and rupee for alternative settlement paths to SWIFT.
  • The New Development Bank is increasing local-currency lending, with about one-third of loans in domestic currencies and $30 billion disbursed in 2024.

India took the BRICS presidency from Brazil and will host the 18th summit in New Delhi, likely in August or September 2026, as the bloc moves its de-dollarization agenda from planning into implementation. The agenda centers on payment systems, digital currency links, a new settlement unit and expanded local-currency financing to reduce dollar intermediation.

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The presidency has pushed several major initiatives, including the expansion of BRICS Pay, a decentralized network that connects national payment systems. The expansion has already lowered U.S. dollar use in intra-bloc trade by about two-thirds and links systems such as Russia’s SPFS, China’s CIPS and India’s UPI.

Members are prioritizing CBDC interoperability to enable settlements between national digital currencies. Russia, China and India are working to connect their digital ruble, yuan and rupee, creating alternative settlement options to SWIFT.

The bloc launched the BRICS Unit in 2026 following a pilot on October 31, 2025 that issued 100 Units backed by 40% gold and 60% BRICS currencies. The Unit draws on collective gold reserves of more than 6,000 tonnes and supports cross-border trade mechanisms that bypass the dollar.

Local-currency financing has also expanded through the New Development Bank, which now makes roughly one-third of its loans in domestic currencies. The bank disbursed about $30 billion in 2024, a shift that reduces reliance on dollar-denominated debt.

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S. Jaishankar said, “I don’t think there’s any policy on our part to replace the dollar. The dollar as the reserve currency is the source of global economic stability, and right now what we want in the world is more economic stability, not less.” Russian President Vladimir Putin added, “We are not refusing, not fighting the dollar, but if they don’t let us work with it, what can we do? We then have to look for other alternatives, which is happening.”

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