Brazil Leads BRICS Crypto Trade

March 14, 2025 by Jhon E. Bermúdez

BRICS explores blockchain and crypto to reduce reliance on the US dollar in trade. Brazil leads a blockchain-based payment initiative, while Russia already uses crypto for transactions. Stablecoins and CBDCs emerge as potential settlement solutions within the BRICS bloc. The BRICS economic bloc, consisting of Brazil, Russia, India, China, and South Africa, is making a

BRICS explores blockchain and crypto to reduce reliance on the US dollar in trade.
Brazil leads a blockchain-based payment initiative, while Russia already uses crypto for transactions.
Stablecoins and CBDCs emerge as potential settlement solutions within the BRICS bloc.

The BRICS economic bloc, consisting of Brazil, Russia, India, China, and South Africa, is making a noticeable shift towards cryptocurrency and blockchain payment systems to streamline cross-border transactions.

Driven by a desire to lessen dependence on the US dollar in international trade, several member nations are seriously evaluating stablecoins and other cryptocurrencies as viable alternatives.

Brazil Blockchain Initiative on BRICS

Brazil, poised to assume the BRICS Presidency in January 2025, is reportedly developing a plan for a blockchain-based payment system specifically for the bloc.

According to local news, the Brazilian administration intends to present this proposal during the annual BRICS summit in Rio de Janeiro this July. If implemented, this system would establish a secure, transparent, and cost-effective financial infrastructure, simplifying transactions between member countries and significantly lowering costs.

Brazil’s central bank has previously tested Drex, a tokenized financial transaction infrastructure. However, concerns around privacy and regulatory oversight still need to be addressed.

The nation’s primary objective is to enhance trade efficiency, rather than to introduce a new currency to replace the US dollar.

Russia’s Crypto Transactions

Russia has already made notable progress in utilizing cryptocurrencies for international trade. Russian oil companies are reportedly using Bitcoin, Ethereum, and stablecoins to exchange Chinese yuan and Indian rupees for rubles.

This move aims to streamline transactions for BRICS nations, making trade within the bloc more convenient.

Stablecoins and CBDCs as Alternatives

While there hasn’t been an official decision to launch a BRICS crypto token, discussions are focusing on using existing CBDCs and stablecoins for settlements instead.

Back in April 2024, Russian Deputy Foreign Minister Sergey Ryabkov suggested that stablecoins could facilitate cross-border settlements among BRICS members.

As the BRICS coalition expands, welcoming new partner nations such as Egypt, Iran, and the UAE, the increasing adoption of crypto and blockchain solutions signals a broader shift in global trade patterns.

Whether it’s stablecoins, CBDCs, or potentially an independent BRICS digital currency in the future, cryptocurrency is increasingly seen as the bloc’s financial gateway to the future.