Can brics currency dethrone the dollar? Myth or reality?

Abstract

The BRICS members have been working on an alternative currency to the reserve currencies such as US dollar and euro, for international trades and foreign currency reserves to diversify investments, enhance fund security, preserve value, strengthen country relations, improve trade efficiency, and rebalance global financial power. By reducing dependence on the US dollar, they aim to enhance their economic resilience, promote a more multipolar global financial system, and protect against geopolitical and financial risks. The stunning improvements in IT technologies let both sovereign governments and nongovernment entities to initiate their own digital currencies. Between 2017-2024, the number of people using cryptocurrencies increased by more than 70 folds. With these revolutionary improvements and advantages of cyrptocurrencies, there has been a rising question of whether cryptocurrencies can be used as common BRICS money, and whether the proposed BRICS currency dethrone the dollar. © 2025 Elsevier B.V., All rights reserved.