Trade Without Dollars: Brazil’s Blockchain Plan for BRICS Nations
Brazil has proposed a blockchain-based payment system for BRICS trade transactions, abandoning earlier plans for a common currency.
The Brazilian presidency, which began in January 2025, outlined this initiative as a central priority for its one-year term leading the expanding economic bloc. The proposal focuses on enabling direct transactions in local currencies without converting to US dollars first.
Brazil aims to leverage blockchain technology to create a secure infrastructure that reduces transaction costs and processing times between member nations. This approach represents a pragmatic solution to enhance economic cooperation while avoiding direct confrontation with dollar dominance.
President Luiz Inácio Lula da Silva previously expressed interest in a common BRICS currency. The strategy shifted after US President Donald Trump threatened 100% tariffs against countries attempting to challenge dollar hegemony in global trade.
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