BRICS is an acronym for the powerful grouping of the world’s

leading emerging market economies, namely Brazil, Russia,

India, China and South Africa.

Goldman Sachs economist Jim O'Neill coined the term BRIC

(without South Africa) in 2001, claiming that by 2050 the four
BRIC economies would come to dominate the global economy.
South Africa was added to the list in 2010.

A top Russian official has

reportedly claimed that the
countries of the BRICS alliance —
Brazil, Russia, India, China and
South Africa — are working on
creating their own currency.
The ties between Russia, China, India and other BRICS nations
appear poised to go a step further with the formation of a new
currency. BRICS includes Brazil, Russia, India, China, and South
Africa.
According to reports quoting Russian lawmaker Alexander
Babakov, the BRICS nations are in the process of creating a new
medium for payments - established on a strategy that "does not
defend the dollar or euro".

The new currency could reduce the world’s dependence on the

US dollar and the Euro, according to reports from the Russian
state-owned news agency Sputnik.

Furthermore, as per a Bloomberg report a few days ago, China’s

yuan has replaced the US dollar as the most traded currency in
Russia. The yuan surpassed the dollar in monthly trading volume
in February for the first time, and the difference became more
pronounced in March, according to data compiled by Bloomberg
based on daily transaction reports from the Moscow Exchange.
Russia described India and China as “friendly sovereign global
centres of power” and vowed to give particular importance to
comprehensive deepening of ties and enhancement of
coordination with them.

Russia will continue to build up a particularly privileged strategic

partnership with the Republic of India with a view to enhance
and expand cooperation in all areas on a mutually beneficial
basis and place special emphasis on increasing the volume of
bilateral trade, strengthening investment and technological ties,
and ensuring their resistance to destructive actions of unfriendly
states and their alliances
In a related development this week, China and Brazil reached a
deal to trade in their own currencies. The move will remove the
U.S. dollar as the intermediary, further empowering both nations
to distance themselves from the world’s reserve currency.

According to reports, the agreement will enable China and the

biggest economy in Latin America, Brazil, to conduct trade and
financial transactions directly. Chinese yuan will be exchanged
directly for the Brazilian real and vice versa instead of going
through the greenback.

China is racing ahead with its central bank digital currency

project, and crypto adoption in Brazil is growing following the
legalization of it as a payment method in the country late last
year.