During its BRICS presidency, Brazil is focusing on blockchain technology to enhance cross-border trade efficiency while moving away from discussions about a common currency. The intention is to improve transaction processes without competing with the US dollar.
Brazil is prioritizing blockchain technology for its BRICS presidency to enhance cross-border trade efficiency, departing from previous discussions regarding a common currency. This strategy aims to optimize trade transactions among BRICS nations including Russia, India, and China, as highlighted by the Brazilian newspaper Valor Econômico.
The focus on blockchain signifies a shift away from creating a competing currency against the U.S. dollar, opposing former President Donald Trump’s threats of imposing tariffs for currency alternatives. Instead, the intention is to streamline international transactions.
Brazil’s central bank has been testing “Drex,” a tokenized financial transaction infrastructure. However, this initiative faces challenges in maintaining a balance between privacy and regulatory oversight, as the report suggests.
An alternative may involve adopting a network akin to Brazil’s Pix system, although concerns regarding governance and the sovereignty of member countries persist. In April 2024, Russian Deputy Foreign Minister Sergey Ryabkov indicated that stablecoins might facilitate international settlements among BRICS members, with a communication channel already established between central banks.
Moreover, as reported in March 2025, Russian oil firms have started utilizing various cryptocurrencies and stablecoins for trading, converting Chinese yuan and Indian rupees into roubles for their transactions.
Brazil’s approach during its BRICS presidency emphasizes the utilization of blockchain technology for enhancing trade efficiency rather than pursuing a common currency. This shift aims to improve international transaction processes while managing privacy and regulatory aspects. As BRICS continues to explore the role of stablecoins, the alliance may further streamline trade among its member nations.
Original Source: crypto.news
