BRICS is exploring interoperable payment systems, local currency settlement and CBDC links for cross-border trade, but no common BRICS currency has been approved.
BRICS is an intergovernmental group of emerging economies pursuing cheaper cross border trade and international payments. The agenda is payment-system interoperability, local currency settlement and possible links between central bank digital currencies, not a launched BRICS currency. The 2026 BRICS New Delhi Declaration keeps the focus on practical cross-border payment mechanisms.
Key Takeaways
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BRICS has 11 full member countries in 2026: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates, Saudi Arabia and Indonesia, according to the official BRICS presidency documentation.
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BRICS leaders at the 2025 Rio de Janeiro and 2026 New Delhi summits backed cross border payments, payment systems and local currency use; no common BRICS currency has been approved.
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BRICS central banks are studying payment interoperability and possible links between digital payment infrastructures.
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The New Development Bank reports $42.9 billion in approved financing; its initial subscribed capital was $50 billion and authorized capital was $100 billion.
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Digital payments still face cybersecurity, sanctions, money laundering and regulatory challenges.
BRICS Members, BRICS Economies and the BRICS Group
The BRICS group began with four countries—Brazil, Russia, India and China—before South Africa joined in 2011. The expanded BRICS membership now includes 11 states: Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the United Arab Emirates, as recorded in official BRICS presidency documentation.
The expanded BRICS bloc represents a large share of the world's population and world GDP at purchasing power parity. BRICS is a major political force in the global economy and Global South. It covers global trade, climate change, sustainable development, sustainable governance and reform of global institutions and multilateral institutions such as the IMF and World Bank.
BRICS lacks a permanent secretariat and operates primarily through cooperation and consensus among member countries. Its wider agenda also involves partner countries and broader Global South cooperation.
Cross Border Payments and BRICS Payment Systems
The 2025 Rio de Janeiro Declaration asked finance ministries and central banks to continue the BRICS Cross-Border Payments Initiative. At the 2026 Delhi summit, under India and Prime Minister Narendra Modi, BRICS leaders again supported faster, lower-cost, accessible, transparent and safer cross border transactions.
The 2026 New Delhi Declaration specifically records work on cross-border interoperability of payment and messaging channels and trade settlements using BRICS local currencies.
These BRICS efforts target interoperability among national payment systems, not one replacement BRICS network. Linking fast payment infrastructure could reduce reliance on correspondent banks for some international transactions. Cross border digital payments may support international trade, investment and financial transactions among BRICS nations and other developing countries.
BRICS Currency, Local Currency Settlement and Cross Border Digital Payments
A common BRICS currency has not been adopted. Despite online discussion of an “R5,” official BRICS statements say a common currency is not currently under discussion. The focus is local currency settlement, national currencies and payment interoperability. The official BRICS clarification on a common currency says discussions instead concern reducing trade and financial transaction costs through local currencies and cross-border payment mechanisms.
That could reduce reliance on the US dollar in some transactions, but BRICS countries and western countries are not moving to one geopolitical rival currency. Digital currencies could become another settlement layer if BRICS central banks align technical, legal and compliance standards.
The significant challenge is aligning financial mechanisms, financial institutions and anti-money laundering controls. The 2026 New Delhi Declaration also highlights concerns around illicit use of virtual assets, money laundering, cross-border fraud and misuse of emerging payment methods.
Financial Institutions, New Development Bank and Development Bank Role
The New Development Bank was established by the founding BRICS countries to finance infrastructure and sustainable development projects in BRICS and other emerging economies. Its initial subscribed capital was $50 billion, while authorized capital was $100 billion.
By 2026, the New Development Bank project portfolio reports $42.9 billion in total approved financing across 139 projects, above the older $32 billion milestone.
The development bank complements institutions such as the World Bank while expanding infrastructure finance and local-currency financing across BRICS economies and emerging markets.
Contingent Reserve Arrangement and BRICS Central Banks
The Contingent Reserve Arrangement is a $100 billion financial safety mechanism developed by the founding BRICS countries. BRICS leaders agreed that a $100 billion CRA was feasible as a precautionary mechanism against short-term liquidity pressures and as a complement to existing global financial arrangements.
The CRA developed alongside the New Development Bank as one of the principal financial mechanisms associated with BRICS economic cooperation.
Saudi Arabia, BRICS Membership and What Comes Next
Official BRICS presidency documentation includes Saudi Arabia among the bloc's 11 full member countries alongside Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, South Africa and the United Arab Emirates.
Argentina declined the invitation to join following the 2023 expansion process. Other countries participate through the BRICS partner-country framework, broadening cooperation beyond full BRICS members.
The next phase is more likely to involve interoperable payment systems, local currency trade and digital-payment experiments than a single BRICS currency. Many countries will still require central-bank approval, cybersecurity safeguards, regulatory compliance and money laundering controls.
How Gate Can Help
Blockchain represents a separate route for international value transfer from the sovereign payment initiatives being explored by BRICS. The guide to blockchain-based cross-border payments explains how blockchain, stablecoins and digital settlement can differ from traditional correspondent banking.
Central bank digital currencies are also distinct from decentralized crypto assets because they represent digital central-bank money. The CBDC guide explains how this model works.
Conclusion
BRICS is developing cross-border options through local currencies, interoperable payment systems and digital-payment infrastructure. These efforts could reduce friction across the world economy and increase trade settlement options among BRICS member countries, but they do not amount to the launch of a common BRICS currency.
FAQ
Does BRICS have a common currency?
No. Official BRICS statements say a common BRICS currency is not currently under discussion. The emphasis is on local currencies, payment-system interoperability and reducing the cost of cross border payments.
How many BRICS members are there?
BRICS consists of 11 full member countries: Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the United Arab Emirates.
What is the BRICS Cross-Border Payments Initiative?
The BRICS Cross-Border Payments Initiative is work led through finance ministries, central banks and the BRICS Payment Task Force to study more interoperable, efficient, accessible and lower-cost payment mechanisms among BRICS economies.
Can digital assets be used for BRICS trade?
Potentially, but BRICS has not adopted a single digital asset or cryptocurrency for international trade. Current official work focuses on interoperable payment infrastructure, local currencies and national digital-payment systems.
Is BRICS creating an “R5” currency?
No official BRICS decision has established an “R5” currency. The term appears in speculative discussions, but official BRICS representatives have explicitly said a common BRICS currency is not currently under discussion.
* The information is not intended to be and does not constitute financial advice or any other recommendation of any sort offered or endorsed by Gate.
