BRICS: why rethinking global governance has become a necessity
6 de July de 2025
Brazil and India consolidate strategic partnership during BRICS+ events
8 de July de 2025
The BRICS+ nations continue to invest in their Central Bank Digital Currencies (CBDCs). Nothing can stop the advance of financial technology.
The digital transformation of the international financial system is already a reality, reflecting a broader trend toward modernization and diversification of cross-border transactions. In this context, central bank digital currencies have emerged as a lasting trend.
Today, over 140 countries—representing 95% of global GDP — are exploring CBDCs, each at a different stage, from regulatory debates to pilots, partnerships, and real-world implementation.
The topic has gained such prominence that international organizations like the Bank for International Settlements (BIS) and the International Monetary Fund (IMF) have devoted extensive studies and reports to it.
This article explores the current status of CBDCs among BRICS+ member countries.
China, Russia and India: protagonists of the digital revolution
China (e-CNY): Asia’s Digital Vanguard
China continues to lead the global CBDC race. The digital yuan (e-CNY) has been operational since 2023 and, by 2025, is used in around 20% of bilateral trade with Russia, according to the People’s Bank of China. Beijing is also conducting tests with Brazil and Saudi Arabia to use the e-CNY in commodity trading — such as oil and gas — as part of its broader strategy to dedollarize international commerce.
Russia (Digital Ruble): Financial Sovereignty Strategy
Officially launched in January 2025 by the Central Bank of Russia, the digital ruble is a direct response to SWIFT-related sanctions. Moscow has signed agreements with China and India to use CBDCs in energy transactions — a strategic move to bypass Western financial restrictions and ensure autonomy in international operations. Large-scale implementation will take place in stages until September 2026.
India (e-Rupee): Domestic Expansion and Regional Partnerships
India has significantly expanded the pilot phase of the e-Rupee. By 2025, over 50 million users are testing the digital currency, with a focus on distributing subsidies and facilitating government transfers. Additionally, India is collaborating with the United Arab Emirates to enable bilateral trade using CBDCs.
Brazil, South Africa and the UAE: BRICS+ rising digital players+
Brazil (DREX): export-oriented digital currency
The Central Bank of Brazil is preparing to launch DREX — the digital real — in 2025. The country is already in talks with China to use DREX for iron ore exports, marking a major milestone in real-world commercial use of digital currencies. Brazil has also expressed interest in integrating DREX into the upcoming BRICS Pay platform.
South Africa (Digital Rand): structural hurdles ahead
South Africa is conducting trials of the digital rand with commercial banks, but faces internal regulatory challenges. The South African Reserve Bank estimates the digital currency won’t be available before 2026 due to the fragmented regulatory environment across the continent.
United Arab Emirates (Digital Dirham): future BRICS+ financial hub
The UAE aims to position Dubai as a global CBDC hub. Partnering with major players like JP Morgan and HSBC, the Central Bank is testing the digital dirham for international payments. The goal is clear: to transform the Emirates into a strategic platform for BRICS+ digital currencies.
Saudi Arabia, Egypt, and Iran: moving forward with caution
Saudi Arabia: between the petrodollar and a new digital order
Saudi Arabia remains in the exploratory phase regarding CBDC adoption. The Saudi Central Bank is weighing the potential impact of a digital currency on the petrodollar system — a cornerstone of its economy. No launch date has been set, but the country is actively participating in BRICS+ internal discussions.
Egypt and Iran: technological and political challenges
Egypt and Iran face significant technological and political hurdles that delay CBDC implementation. Their central banks have indicated that no digital currency launches are expected before 2027.
BRICS Pay: the platform that could reshape global finance
Scheduled to launch in 2026, the BRICS Pay platform aims to interconnect the member nations’ digital currencies, offering an alternative to SWIFT and reducing reliance on the US dollar.
However, several challenges remain — such as the lack of standardization among national digital systems, resistance from members like India and Saudi Arabia to centralized governance, and the pressing need for cybersecurity and interoperability.
Even so, the goal is to connect the CBDCs of China, Russia, India, Brazil, and South Africa by the end of 2026, establishing a robust network for international transactions without Western intermediaries.
When it comes to digital currencies, the actions of BRICS+ nations represent one of the most significant geoeconomic shifts of the decade. If BRICS Pay proves successful, up to 15% of global trade could move to CBDCs by 2030. Brazil, with DREX, is poised to play a key role in this shift—serving as a bridge between Latin America and Asia.
This evolving landscape challenges the dominance of the dollar and paves the way for a more multipolar, decentralized, and potentially fairer financial order.
