BRICS is a grouping of the world economies of Brazil, Russia, India, China, and South Africa formed by the 2010 addition of South Africa to the predecessor BRIC.[1][2][3][4]The original acronym "BRIC", or "the BRICs", was coined in 2001 by Goldman Sachs economist Jim O'Neill to describe fast-growing economies that he predicted would collectively dominate the global economy by 2050. text from Wikipedia.org
In an effort to lessen BRICS countries' exposure to swings in the US dollar exchange rate, Brazilian President Luiz Inacio Lula da Silva suggested a common currency for investment and trade during the BRICS summit in Johannesburg. Because of the differences in economics, politics, and geography among the BRICS member countries, this concept's viability is still up for debate. A BRICS currency was not originally on the agenda for the summit, according to South African officials, and different BRICS leaders had different opinions.
Significant political and economic integration, including the creation of a banking union, fiscal union, macroeconomic convergence, and a common central bank, are required in order to establish a BRICS currency. Even though the leaders of the BRICS countries want to see more of their own currencies used and less reliance on the US dollar, there are significant practical obstacles to overcome. Furthermore, the initiative is made more difficult by the US dollar's ongoing dominance in international trade.
A year is not enough for full implementation, even if BRICS approves a new currency. Convenience will determine how the public uses it, so a longer transition period will be required. It is therefore unlikely that a BRICS currency will be created and widely used within a 12-month period by the end of 2024.
Source:
Savage, R. (2023, August 24). What is a BRICS currency and is the U.S. dollar in trouble? Reuters. https://www.reuters.com/markets/currencies/what-is-brics-currency-could-one-be-adopted-2023-08-23/