China and Russia are collaborating to create a new payments infrastructure that will integrate the BRICS currency and streamline cross-border transactions. The system is expected to be officially unveiled after the BRICS summit in August 2023 and will also incorporate the Shanghai Cooperation Organization (SCO) group. The initiative is aimed at deepening trade and economic cooperation between the BRICS nations and within the broader SCO alliance, and challenging the hegemony of the U.S. dollar. However, India has expressed skepticism towards China's agenda and concerns have surfaced regarding its alleged use of the BRICS partnership as a stepping stone towards global dominance.