BRICS: Iran Proposes Linking all BRICS Payment Systems

Jaxon Gaines
BRICS US Dollar De-Dollarization
Source: Watcher.Guru

Iran is calling for a unified BRICS currency system that promotes launching a singular currency to derail the US dollar. The country is supporting the de-dollarization initiative and wants to link all of the BRICS nations’ payment systems into one to overpower the US Dollar.

Iran is one of multiple BRICS countries looking to navigate around US sanctions. The nation believes that linking all of the bloc’s currency systems could achieve this feat. The spokesperson for the Ministry of Foreign Affairs of the Islamic Republic of Iran Nasser Kanani issued the proposal. Kanani states that the conditions have been created for this to happen, as payments between these countries are migrating to national currencies.

The spokesperson also added that Russia is already in favor of this proposal. On July 6, the two countries noted the completion of work on integrating the Russian payment system Mir, and the Iranian payment system Shetab. They also signed an agreement on providing liquidity to national currencies for commercial transactions.

Iran President Ebrahim Raisi BRICS
Source: BBC

Iran is not the only nation looking for a unified currency to derail the US dollar. ASEAN nations are also currently working towards launching a unified currency order to rival the US dollar and Euro.

To achieve a unified BRICS payment system, however, there will have to be agreement amongst the entire bloc and plenty of negotiations. Iran and Russia are already launching a similar union next August. However, for the remaining members, a consensus agreement must be reached. Fortunately, the entire bloc is already working to abandon the US Dollar in different ways. This initiative to unify BRICS currencies into one could be agreed upon but may take some time to plan.