BRICS Alliance Set to Unveil Native Currency at 2024 Summit, Challenging US Dollar Dominance

The BRICS alliance has been working to develop its own native currency over the last year, and it is likely to be unveiled at the 2024 BRICS Annual Summit in October. Russia and Iran recently confirmed they are collaborating on the BRICS currency project. The intention is for the BRICS currency to rival the international reliance on the US dollar and provide an alternative trade settlement asset. As BRICS nations adopt the currency, it will play a larger role in their trade dealings and shift the global currency power balance over time.