Russia’s Deputy Foreign Minister Sergei Ryabkov has put to rest speculation that BRICS will unveil a single rival currency at the bloc’s 2026 summit in New Delhi. Speaking to the Economic Times, Ryabkov said a common BRICS currency is “not on the agenda” and that members are “not ready for it” nor consider it a practical option. Instead, Ryabkov said the group is concentrating on deepening the use of national currencies across trade and finance—specifically in settlements, clearances, reissuance and investment flows. He argued that expanding local-currency transactions is the most reliable way for BRICS countries to shield themselves from sanctions and other coercive measures. “Let me be very clear, we are not talking about establishing any common single (BRICS) currency,” Ryabkov said. “What we need to do is a further expansion of the use of national currencies.” He added that this push is not meant as an assault on the US dollar: “This is not an attempt to undermine the dollar.” Russian President Vladimir Putin has voiced similar positions over the past year. Ryabkov also framed the move as defensive rather than confrontational. “BRICS is not an anti-Western alliance,” he said, but warned that the group would respond if multilateralism and international agreements come under attack—by increasing cohesion and better leveraging their own financial tools. For crypto audiences, the development signals a continued emphasis among major emerging economies on alternative payment rails and currency diversification rather than a single fiat rival to the dollar. Greater use of national currencies in cross-border trade could increase demand for tokenized national currencies, stablecoins and central bank digital currencies as infrastructure evolves to support local-currency settlements across BRICS members. Read more AI-generated news on: undefined/news

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