Brazil suggests BRICS create a cryptocurrency for cross-border trade

• Brazil leads blockchain in BRICS.
• Stablecoins facilitate cross-border trade.
• Drex advances tokenized payments.

As Brazil grows prepares In order to assume the presidency of BRICS in 2025, the Brazilian government is advancing innovative proposals in the financial field, focusing on blockchain technology to improve commercial transactions between member countries. The Brazilian approach is distinguished by not suggesting a new common currency among BRICS, but rather by promoting the use of stablecoins and tokenized assets, aiming at greater efficiency in transactions while maintaining the economic sovereignty of each nation.

According to reports from Valor Econômico, instead of creating a currency to compete with the US dollar, Brazil sees cryptocurrencies as an opportunity to optimize financial settlements through digital assets. This move is in line with the global trend of incorporating blockchain solutions into traditional financial systems, showing a clear interest from Brazil in leading this technological advancement in the bloc.

The Drex project, developed by the Central Bank of Brazil, is one of the pillars of this proposal. Designed to facilitate tokenized financial transactions, especially cross-border ones, Drex could face regulatory challenges due to its innovative nature. Should the implementation of blockchain present obstacles, Brazil is already considering alternatives such as Pix, an instant payments system that could be adapted for use among BRICS countries.

Furthermore, the role of stablecoins in international relations is gaining prominence, as revealed in previous BRICS discussions. A recent example of the adoption of these digital assets occurred when Russian oil companies began using cryptocurrencies and stablecoins to facilitate oil trade, converting currencies such as the Chinese yuan and Indian rupee into rubles. This scenario demonstrates the growing interest and confidence in the use of digital assets in international transactions.

By integrating cryptocurrencies and blockchain into its financial strategies, Brazil may be setting a new course for global trade and economic dynamics among BRICS countries, with the potential to positively influence the international financial system.