BRICS nations have made substantial strides in enhancing trade through national currencies and establishing a new system for cross-border payments, according to Indian Deputy Foreign Minister Dammu Ravi.

It is possible to return to discussing the issue of creation of a single currency for BRICS once the necessary conditions are in place, Russian Foreign Minister Sergey Lavrov said in an interview with the Brazilian newspaper O Globo.

Brazilian authorities are in favor of expanding the use of national currencies in trade among BRICS nations and are open to exploring opportunities to increase their share of mutual payments, according to Tatiana Rosito, Secretary of the Finance Ministry.

By Samir Muradov

Once again, the world awaits the much-hyped “collapse of the dollar,” but for now, we’re witnessing yet another diplomatic spectacle called “the BRICS currency.” This drawn-out performance has its comedic and tragicomic moments. On stage: Brazil with utopian ideas, Russia with forced support, China with ambitions, India with caution, and the U.S. wielding a tariff club at 100%. Let’s break down why this series has yet to become a blockbuster.

Russia and Indonesia are in discussions to utilize their local currencies for trade, as Russia continues to face challenges due to its exclusion from the SWIFT international payment system.

In July, BRICS announced plans to establish a new payment system to compete with SWIFT and advance the bloc’s objective of de-dollarization, News.Az reports citing Coingeek .

Member states of the BRICS group of nations are currently considering Iran's proposal to integrate their national payment systems. This discussion was confirmed by Russian Deputy Foreign Minister Andrey Rudenko in a recent interview with TASS, News.Az reports.

Iran proposes to connect the national payment systems of the BRICS countries, the Iran Foreign Ministry spokesperson, Nasser Kanani, said on Monday, News.Az reports citing foreign media.

Iran is actively participating in the activities organized under of Russia's chairmanship in BRICS, and the countries are working to create a single currency for the association, Iranian Ambassador to Russia Kazem Jalali said at a press conference during "Russia - Islamic World: KazanForum."