BRICS Accelerates Digital Currency Push with 2026 Target in Sight

Finance

BRICS Accelerates Digital Currency Push with 2026 Target in Sight

The BRICS alliance is quietly but steadily laying the foundation for a digital currency system that could challenge the global dominance of the U.S. dollar.

While no formal launch date has been declared, developments emerging from recent summits and ongoing infrastructure efforts suggest the project is gathering serious momentum.

The July 2025 BRICS summit in Brazil helped cement key agreements around expanding local currency trade and advancing the BRICS Pay initiative—an inter-bloc settlement network. These moves are part of a larger strategy to reduce dollar dependence, particularly in energy and commodity markets.

Member nations are deepening bilateral trade using their national currencies—India is promoting rupee settlements across the Global South, while Russia and China have already embraced non-dollar transactions. The digital currency framework leans on blockchain-based cross-border payments and ongoing research into integrating central bank digital currencies (CBDCs).

The expansion of BRICS to include more nations has also increased the blocs global weight, now accounting for over a third of world GDP and nearly half the global population. That scale provides added legitimacy to its efforts to rewire global finance.

Though technical and policy challenges remain—especially coordinating monetary policy across diverse economies—analysts say the steady rollout of BRICS Pay and the testing of digital infrastructures could pave the way for a 2026 currency debut. The U.S. dollar remains the dominant reserve, but its grip is loosening as BRICS nations double down on alternatives.