Brazil appears to be leaning towards utilizing blockchain technology for cross-border trade within BRICS, moving away from discussions of a collective currency. According to a report from Brazilian newspaper Valor Econômico, Brazil may be investigating blockchain to enhance trade transactions among BRICS nations—comprising Russia, India, China, and others—potentially making it a significant topic during its year-long presidency of the bloc that commenced in January, as indicated by sources familiar with the discussions. This direction seems to diverge from previous conversations about establishing a common BRICS currency. Sources say the aim is “not to create a currency that would challenge the dollar as the primary medium of exchange in international trade, ” particularly following U. S. President Donald Trump's earlier warnings about imposing a 100% tariff on attempts to supplant the American currency. Instead, the emphasis might be on increasing the efficiency of international transactions. One approach could involve incorporating blockchain into Brazil’s financial ecosystem.

The report notes that the Central Bank of Brazil has been testing Drex, a project intended to develop a tokenized infrastructure for financial transactions for some time. However, this initiative reportedly faces obstacles in balancing privacy with regulatory scrutiny. Existing Stablecoins Another possible alternative could be a network akin to Brazil’s Pix payment system, although this method could raise questions regarding “governance and the sovereignty of participating nations, ” the report mentions. In April 2024, Russian Deputy Foreign Minister Sergey Ryabkov indicated that stablecoins could have a role in international settlements among BRICS countries, as the alliance has already established a dedicated communication channel for central banks. Nonetheless, no official resolution regarding the use of stablecoins within BRICS has been reached since that time.