Jim O’Neill, the economist who created the BRIC label, now argues that talk of BRICS countries building alternatives to the US dollar has moved beyond wishful thinking. Speaking to Reuters, he said that in the past 18 months, rapid advances in payment technology have significantly strengthened the case for exploring non-dollar cross-border systems.
O’Neill acknowledged that the political and symbolic weight of BRICS remains considerable. Yet he stressed that, despite that symbolism, the bloc has so far delivered little in the way of concrete joint policies. In his assessment, the New Development Bank stands out as the only clear institutional success, and he struggled to cite any comparable achievements.
Against that backdrop, BRICS governments are examining a range of dollar-based payment alternatives. Proposals under discussion include BRICS Pay and deeper links between existing national payment infrastructures. Among the systems being evaluated are India’s Unified Payments Interface, China’s Cross-Border Interbank Payment System and Brazil’s PIX, all seen as potential building blocks for more integrated settlement networks.
Reuters also highlighted that central bank digital currencies could emerge as a future option for cross-border transactions, although those projects remain at varying stages of development. Their long-term role will depend on how central banks reconcile technological innovation with regulatory and geopolitical constraints.
O’Neill’s remarks mirror a broader rethinking among emerging-market policymakers and analysts about how cross-border payments should work in a world where technology is reshaping finance. Still, the Reuters report underlines that transforming these technical possibilities into a viable rival to the dollar is far from guaranteed.
Any credible alternative would require a level of policy coordination that BRICS has yet to demonstrate. Differences in national priorities, regulatory frameworks and geopolitical interests continue to complicate efforts to align payment strategies. For now, the bloc’s initiatives remain more a signal of intent than an immediate threat to the dollar’s dominance, even as the underlying technology makes that challenge more plausible over time.
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