Dollar vs BRICS: Could Dollar Dominance End and Why the US Fears a New BRICS Currency

Source: Navabharat | Original Published At: 2026-09-11 11:35:29 UTC

Key Points

• BRICS member countries are discussing the development of a new BRICS currency or payment system to reduce dependence on the US dollar.
• The 18th BRICS Summit, hosted by India in New Delhi, may include discussions on a currency parallel to the dollar and on linking central bank digital currencies and local payment systems.
• A separate BRICS digital payment network could reduce the effectiveness of US dollar-based financial sanctions, including those used against Russia and Iran.
• Experts say a common BRICS currency is complex because the interests of the Chinese yuan, Indian rupee, and Russian ruble differ.
• India has said it is not in favor of a shared BRICS currency, and no concrete consensus has yet been reached on a single physical or digital BRICS currency.
• The current BRICS steps are described as creating an emergency alternative and facilitating intra-BRICS trade rather than immediately ending dollar dominance.