Trade Without Dollars: Brazil's Blockchain Plan for BRICS Nations

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 […]

Brazil to Propose Support for Blockchain Payment System for BRICS: Report

Brazil is reportedly working on a proposal to create a blockchain-based payment system for internal use by the BRICS economic bloc. The group has been discussing ways to reduce reliance on the US dollar for internal cross-border transactions since 2024. Brazil, Russia, India, China, and South Africa were the founding countries of the BRICS group. Egypt, Ethiopia, Iran, and the UAE joined the group last year, and Brazil assumed the BRICS Presiden…

SGX to Launch Brazilian Real Futures Contracts in Asia

The move will enable global investors in Asia to manage risks with the Brazilian Real during their local time zone. Singapore Exchange (SGX) will partner with Brazil’s B3 exchange to launch Brazilian Real futures contracts in the Asian market later this year. The move is designed to help investors manage currency exposure during Asia’s trading hours. If approved by regulators, these contracts will mark SGX’s first venture into emerging market cu…

Brazil Proposes Blockchain-Based Payment System for BRICS

Brazil is moving forward with a proposal to introduce a blockchain-based payment system within the BRICS economic bloc. The initiative aims to streamline cross-border transactions and lower associated costs while ensuring financial efficiency. As Brazil assumes the BRICS presidency, officials have emphasized that the plan is not intended to challenge the dominance of the U.S. dollar. According to recent reports, Brazilian representatives plan to…

Lula may propose the use of blockchain technology to facilitate transactions between members of the emerging economies block instead of a common currency to replace the dollar as a reference. Brazil wants to take advantage of the rotating presidency of the BRICS, which it holds this year, to try to unlock a historic agenda in developing countries: the facilitation of international financial transactions to increase foreign trade. Exclusive subje…