BRICS nations consider unified digital currency to bypass US dollar

The ambition for BRICS is to set up this autonomous payment mechanism, as mentioned by Ushakov in comments reported by "Kommersant".

During a discussion with the TASS agency, Ushakov detailed that such a system would benefit countries, their populations, and businesses by being both cost-effective and apolitical.

Ushakov mentioned that a key aim for this year is to enhance the influence of BRICS within the international monetary and financial landscape.

"Efforts will persist in evolving a system for conditional currency reserves, mainly to promote the use of alternatives to the US dollar," the Kremlin's official shared with TASS.

Russia has harboured the ambition to unify currency within the BRICS collective for years, though Ushakov did not provide a timeline for when this system might be realized.

The assembly, initially comprising South Africa, Brazil, India, China, and Russia, has this year grown to include new members: the United Arab Emirates, Egypt, Iran, Ethiopia, and Saudi Arabia.

Currently, the organization spans nations whose collective income surpasses one-third of the global GDP, and it is home to 45% of the global population.

These countries hold nearly 45% of the world's oil reserves. Most maintain a neutral position regarding Russia's conflict with Ukraine, steering clear of Western efforts to isolate Russia on the international stage. Importantly, Moscow assumed the BRICS rotating presidency on January 1st.