The BRICS currency makes no sense, according to economist Steve Moore, who questioned why anyone would trust the ruble or Brazilian currency over the US dollar. Right now, a launch date for a BRICS currency remains targeted for 2026, and this is despite Trump’s tariff threats and growing divisions among member nations about whether they even want to move away from dollar-dominated trade.
Also Read: Global Alert: 10+ Countries Just Joined Forces to Stop BRICS Currency
BRICS Currency Progress, News, Launch Date and Why It Makes No Sense
Why the BRICS Currency Makes No Sense According to Moore
During a Fox Business segment, Moore was blunt about his skepticism. He explained why the idea of a BRICS currency makes no sense from his perspective, and also pointed out the fundamental trust issues involved.
Moore stated:
“The BRICS currency makes absolutely no sense. Somebody’s going to say I’m going to trust the ruble and the Brazilian currency? The yuan? Obviously, the United States dollar is the world currency, and it will remain so.”
The full form of the BRICS currency refers to a proposed reserve currency that would be backed by currencies from Brazil, Russia, India, China, South Africa, and also the newer members like Egypt and Iran. At the 2024 BRICS Summit in Kazan, Russia, Putin actually displayed what looked like a prototype BRICS banknote on stage, though he quickly backed away from his earlier aggressive talk about ditching the dollar entirely.
Putin told listeners at the summit:
“We are not refusing, not fighting the dollar, but if they don’t let us work with it, what can we do? We then have to look for other alternatives, which is happening.”
Progress on a BRICS Currency Has Been Slow
Progress on creating a BRICS currency has been disappointing at best. At the 2025 Brazil summit, neither Putin nor Chinese President Xi Jinping showed up, and the talk about a BRICS currency was much more quiet than before. Leslie Maasdorp, who serves as CFO of the New Development Bank representing the BRICS bloc, was pretty clear when he spoke to Bloomberg about where things stand.
Maasdorp was clear about the fact that:
“The development of anything alternative is more a medium to long term ambition. There is no suggestion right now to creates a BRICS currency.”
India has been distancing itself from the whole idea too. India’s External Affairs Minister S. Jaishankar made his country’s position clear in March 2025 when speaking at an event in London, and his comments suggest the BRICS currency makes no sense to India either.
Jaishankar stated:
“I don’t think there’s any policy on our part to replace the dollar. The dollar as the reserve currency is the source of global economic stability, and right now what we want in the world is more economic stability, not less.”
The Launch Date for a BRICS Currency Faces Trump’s Opposition
A launch date for the BRICS currency has been discussed for 2026, but Trump has been working hard to make sure it never happens. On October 10, Trump announced a 100% tariff on Chinese goods starting November 1, which represents another escalation in US efforts to stop any BRICS currency from becoming a reality.
Back in December, Trump posted on Truth Social about his demands:
“We require a commitment from these countries that they will neither create a new Brics currency nor back any other currency to replace the mighty US dollar or they will face 100% tariffs and should expect to say goodbye to selling into the wonderful US economy.”
Trump also talked about his approach during a recent appearance:
“I told anybody wants to be in BRICS, that’s fine, but we’re going to put tariffs on your nation. They’re all dropping out. That was an attack on the dollar.”
Kremlin spokesperson Dmitry Peskov didn’t seem too concerned by Trump’s threats, though. He pointed out that countries are already moving in a different direction anyway, and that US pressure might actually backfire.
Peskov said:
“More and more countries are switching to the use of national currencies in their trade and foreign economic activities. If the US uses force, as they say economic force, to compel countries to use the dollar it will further strengthen the trend of switching to national currencies.”
What’s Actually Happening Instead
Recent news about the BRICS currency shows that major members are backing away from the idea. Instead of creating a unified currency that many experts say makes no sense, BRICS nations have been focusing on blockchain-based payment systems. These systems would allow them to reduce their reliance on the US dollar-dominated SWIFT platform without needing to create an entirely new currency.
At the time of writing, the full form of what a BRICS currency would actually look like remains unclear, and the progress toward any launch date has basically stalled. The US dollar still accounts for about 90% of all currency trading right now, and that kind of dominance wasn’t built overnight.
Also Read: BRICS Has Tarnished the US Dollar’s Brand Value, Admits Strategist
The reality is that news about BRICS currency development has been more talk than action. When India flat-out rejected Russia’s demand in October 2023 to pay for oil in yuan, insisting instead on using US dollars or rupees, it showed just how hard currency cooperation between these nations actually is. The economic and political differences between BRICS members are substantial, and Moore’s assessment that the BRICS currency makes absolutely no sense seems to be playing out in real time as the 2026 target date approaches with little concrete progress to show for it.
