South Africa's minister of international relations, Naledi Pandor, has cautioned BRICS countries against rushing to launch a common currency when they meet in August. Pandor stated that South Africa will participate in discussions that relate to its national interests, but also revealed that the country's debt is primarily denominated in dollars, making it difficult to ditch the greenback. The calls for an alternative to the dollar are growing, but experts warn that BRICS countries lack the economic muscle to take down the dollar. South African-based money manager Vestact also dismissed suggestions that the greenback will be toppled by alternatives like the Chinese yuan.

The upcoming BRICS leaders' summit will include discussions on the possibility of a common currency among member nations. South African Minister of International Relations and Cooperation, Naledi Pandor, emphasized the importance of proper discussion on the matter, acknowledging the growing interest in trading in national currencies instead of the US dollar.

Professor Ashok Swain of Uppsala University’s Department of Peace and Conflict Research says Saudi Arabia joining the BRICS economic bloc “would accelerate the bilateral trading being conducted using the yuan as the trading currency. ”

Brazilian President Luiz Inacio Lula da Silva has stated that Brazil will serve as a facilitator to arrange BRICS bloc assistance for Argentina. Lula suggested that the New Development Bank could modify some of its rules to aid Argentina. The two countries are also negotiating the establishment of a credit line to pay for Brazilian exports in reals. Lula criticized the role of the International Monetary Fund (IMF) in Argentina's financial and economic crisis and called on the IMF to "take the knife from Argentina's neck." During the meeting, Lula called Dilma Rouseff, the current President of the New Development Bank, to propose that a rule be modified to allow the institution to offer direct aid to a state outside of the BRICS bloc. (Bitcoin.com)

Iranian President Ebrahim Raisi said on Tuesday that Iran plans to join the BRICS group to participate in the creation of a multipolar world.

Brazil’s president, Luiz Inacio Lula da Silva, has expressed support for the creation of a BRICS currency. His statement of support comes as the BRICS bloc is gaining global influence, with 19 countries seeking to join the group.

Former White House economist Joseph Sullivan has warned that a BRICS currency would erode the U.S. dollar’s dominance.

Indonesia is following the BRICS countries' lead in de-dollarization and shifting away from the US dollar in trade settlements and financial transactions, according to Bank of Indonesia Governor Perry Warjiyo. The BRICS nations are working on creating a common currency to reduce their reliance on the US dollar. Warjiyo confirmed that Indonesia has implemented the local currency trade (LCT) system, which is more concrete than the BRICS de-dollarization approach and has already implemented the currency diversification method with several nations, including Thailand, Malaysia, China, and Japan. The Indonesian government also plans to sign an agreement with South Korea regarding local currency transactions in early May. (Bitcoin.com)

Fitch Solutions’ global head of country risk has named the rising adoption of cryptocurrencies, the de-dollarization efforts by the BRICS countries, and China’s rising “economic might” as key factors that erode the U.S. dollar’s dominance over time.

The BRICS nations are reportedly working on developing a new form of currency, which is expected to be discussed at the next BRICS leaders’ summit, according to a top Russian official.