BRICS countries will study the possibility of using blockchain in international settlements

What’s new? BRICS will study the possibility of simplifying international transactions in import and export contracts between the bloc’s member countries with the help of blockchain technology. The initiative belongs to the authorities of Brazil, which holds the bloc’s presidency through 2025. According to Valor Economico, this task is highlighted among the priorities for this year.

Material by Valor Economico

What else is known? The plan differs from past initiatives to create a common BRICS currency. Sources close to the talks note that the parties do not intend to create a currency that would compete with the dollar as the standard medium of exchange in foreign trade.

In addition, US President Donald Trump has previously threatened to impose a 100% tariff on those who try to replace the US currency.

Current discussions focus on making international transactions more efficient. One possible step could be the integration of blockchain into Brazil’s financial system.

Bill on allowing local funds to directly purchase cryptocurrencies has been submitted in Brazil

The document is expected to stimulate domestic competition and the development of more comprehensive financial products

Read more

Brazil’s central bank launched the Drex national cryptocurrency pilot project back in August 2023, aimed at creating a tokenized infrastructure for financial transactions.

In 2024, Drex was joined by fintech company Tecban’s tokenization platform Nexchain, as well as Chainlink’s (LINK) decentralized oracle network team with its cross-chain interoperability protocol (CCIP).

However, sources said the project faces challenges in finding a balance between privacy and regulatory oversight.

Another alternative could be a network similar to Brazil’s Pix system, although this approach could potentially raise concerns over “governance and sovereignty of member states”, the sources added.

In April 2024, Russian Deputy Foreign Minister Sergey Ryabkov allowed the possibility of using stablecoins in settlements between BRICS members, as the alliance had already established a special communication channel between central banks. However, since then, no official decisions have been made about stablecoins within BRICS.

Bank of Russia proposes to allow cryptocurrency trading for “specially qualified” investors

At the same time, the Central Bank reminded that it still does not consider cryptocurrency as a means of payment

Read more

In March 2025, Reuters reported that Russian oil companies are already using various cryptocurrencies and stablecoins to convert Chinese yuan and Indian rupees into rubles for trading.