BRICS economic bloc experts propose a digital clearing mechanism based on member nations’ local currencies as a potential payment settlement system. According to a study, this system could be created as early as 2026 but would not constitute a full-fledged common currency. The mechanism aims to boost the use of national currencies and secure settlements against external financial system pressures.
Experts within the BRICS alliance are studying the feasibility of a digital clearing mechanism for payments using local currencies. This development could boost the use of national currencies among member nations and in international markets.
The proposed system would act as a standalone payment settlement platform and not a full currency. “Experts consider it possible to create a payment system or a digital clearing mechanism based on national currencies (BRICS) as early as 2026, but not a full-fledged currency,” stated Anatoly Otyrba, an expert in global policy.
This digital clearing mechanism would function as a single unit of account for secure transactions. “This unit could take the form of a clearing and digital currency,” explained Mikhail Khachaturyan of the Financial University under the Government of Russia.
The initiative is designed to protect settlements between BRICS countries and third nations from external financial system actions. No official statement has been issued by the bloc regarding the final implementation of such a system.
Political considerations may influence the project’s timeline, particularly concerning U.S. relations. Some analysts suggest the system might only advance after the current U.S. presidential term concludes to avoid potential repercussions.
