BRICS de-dollarization prospects discussed
Analysis based on 8 articles · First reported Apr 20, 2026 · Last updated Jul 06, 2026
The discussion of de-dollarization and alternative payment systems may increase volatility in currency markets and prompt investors to reassess the dollar's long-term dominance. However, concrete achievements remain limited, so immediate market impact is muted.
Jim O Neill, the economist who coined the BRIC acronym, stated in a Reuters interview that recent advances in payment technologies have changed his view on the prospects for alternative financial arrangements among BRICS nations. He now believes BRICS countries could eventually build alternatives to the U.S. dollar, an idea he had considered a fantasy 18 months ago. O'Neill noted that BRICS members have struggled to turn collective vision into policy, with the New Development Bank being a notable exception. The group has been discussing alternatives to dollar-based payment systems, including BRICS Pay, linking domestic systems like India's UPI, China's CIPS, and Brazil's PIX, and exploring central bank digital currencies. O'Neill and Gemma Chenger Deng co-founded BRICS+ Thinking, a non-profit policy platform to foster collaboration between Western countries and BRICS+ nations, which plans to develop indexes and publish growth forecasts. O'Neill remarked that U.S. President Donald Trump frequently mentions BRICS, contrasting with previous presidents.
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