Brazil backs out of BRICS common currency idea
During its presidency of the BRICS group, Brazil has abandoned the idea of a common currency and will instead focus on facilitating trade in the countries' national currencies.
The BRICS decision to create a common currency has been met with warnings and threats from US President Donald Trump about challenging the dollar's dominance. The BRICS group is exploring alternatives to the US dollar, and Brazilian President Lula da Silva has called for a reduction in dependence on the US dollar.
However, plans for a common currency have not progressed beyond political rhetoric, and the group will instead focus on reforms to facilitate international payments in member countries' currencies.
The move is seen as a way to reduce vulnerabilities associated with dollar dominance, and the BRICS are also exploring blockchain technology and connecting payment systems to reduce transaction costs and counter unilateral sanctions.

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