Brazil's BRICS presidency this year will not advance a common currency for the group of major developing economies this year, four government officials said, but its agenda may pave the way for less reliance on the U.

Brazil’s fast-growing instant payments system, Pix, is central to its financial innovation. Brazil also operates a Local Currency Payment System (SML), which allows transactions to be settled in local currencies rather than the dollar, but adoption has been slow due to settlement delays.

By bne intellinews Brazil will not pursue a common BRICS currency during its presidency of the bloc this year, focusing instead on facilitating trade in local currencies despite warnings from US President Donald Trump about challenging 'mighty' dollar dominance.