The concept of the new BRICS currency, referred to as “R5,” was advanced during the BRICS Summit held in Russia in October 2024. It is anticipated that the formal establishment of this currency could be decided at the next BRICS Summit, scheduled to take place in Brazil in 2025.
The name “R5” derives from the initials of the currencies of the BRICS nations: Brazilian Real, Russian Ruble, Indian Rupee, Chinese Renminbi (RMB), and South African Rand. Rather than replacing existing national currencies, R5 is envisioned as a digital currency primarily intended for international trade and settlement. While discussions on its issuance and operational details are ongoing, progress is expected after 2025.
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