A lot of chatter and banter is doing the rounds that BRICS will launch a new common currency in 2026. The common currency will then be used for trade among member nations and allow other countries to settle cross-border transactions. Several emerging economies are sitting on the sidelines and could jump on the bandwagon, ushering in a multipolar world. They aim to reshape global power and tilt financial domination towards emerging economies.
India chairs the next BRICS summit, which will be held in the country’s capital, New Delhi, in 2026. Prime Minister Narendra Modi has already invited China’s President Xi Jinping to attend the 18th summit. Speculations are rife that BRICS could announce the launch of the new common currency in 2026.
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BRICS New Common Currency a Reality in 2026?
The alliance now commands significant weightage and is the only bloc to challenge Western dominance. After Indonesia joined the bloc this year, making it a 10-member group, around 47 countries are still waiting in line. This shows the power of the alliance is intact and growing in the financial landscape.
However, there is no official information on whether BRICS will launch the new common currency in 2026. The work on the formation of the currency remains under wraps with little to no public details. While a few diplomats have spoken about the new currency, not many concrete details were provided.
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The Much-Awaited Element of Surprise
We cannot rule out the possibility that BRICS might not launch a common currency in 2026. For context, Russian President Vladimir Putin displayed a mock-up bill out of nowhere during the Kazan summit. It was a 200-denominated bill signifying that the alliance is serious about the formation of a new currency.
There was also a BRICS card available at the Kazan summit that could be used for three days. However, no details are out whether it was a part of the research and development project. Whether BRICS will launch a new common currency in 2026, we can only find out next year.