BRICS Developing New Payment System: Ending Reliance on the US Dollar

The BRICS nations (Brazil, Russia, India, China, and South Africa) are actively pursuing alternatives to the US dollar for international trade and financial transactions. A key component of this strategy is the development of a new payment system, designed to reduce reliance on the dollar and foster greater economic independence among member nations.

Moving Towards a Multipolar Global Economy

The initiative signals a significant shift towards a multipolar global economy. As noted by Kremlin on 14 de oct. de 2025, "The BRICS payment system marks a significant step toward a multipolar global economy, reducing the dominance of the U.S. dollar and creating a more balanced trade." This transition aims to create a more equitable and resilient financial landscape, less susceptible to the influence of a single currency.

Blockchain-Based Solution

Reports indicate that the BRICS nations are exploring innovative technologies to underpin the new payment system. According to the Russian news agency TASS, on 19 de mar. de 2025, "The BRICS nations are developing a blockchain-based payment system to reduce member nations’ use of the dollar." Utilizing blockchain technology could offer increased transparency, security, and efficiency in cross-border transactions.

A New Mechanism is Different

Further highlighting the commitment to this project, Russian Foreign Minister Sergey Lavrov confirmed ongoing efforts. On 21 de abr. de 2025, "Russian Foreign Minister Sergey Lavrov confirmed that the BRICS organization is actively working on the formation of a new payment system. The new mechanism is different." While specific details of the "different" mechanism remain under wraps, the statement underscores the BRICS nations\' determination to forge a unique and effective alternative to existing payment infrastructure. The ambition is to create a system tailored to the specific needs of BRICS members and designed to minimize dependence on the US dollar.

As the BRICS payment system takes shape, it has the potential to reshape global financial dynamics, offering greater autonomy and resilience to participating nations and contributing to a more diversified global economy. The progress of this initiative is being closely watched worldwide.