The agenda of Brazil as president of the BRICS bloc will feature an unlikely topic: crypto. Brazilian authorities are preparing to introduce proposals for the organization to consider cryptocurrency as a solution for international settlements both inside and outside the bloc.

Local journal “O Globo” noted that this topic would be a priority as Brazil is now the President of BRICS, taking the mantle from Russia. The proposal would support the need to expedite financial transactions among group members, and reduce the dependence on foreign currencies like the U.S. dollar.

While the idea of a BRICS common currency was floated before, with economists like Jim Rickards predicting it would leverage gold to undermine the dollar, this has not been suggested. Instead, BRICS is focusing on designing an efficient payment system to make use of digital national currencies or even stablecoins, which are already being used in international settlements, though informally.

Read more: Economist Jim Rickards States BRICS Currency Will Leverage Gold to ‘Destroy the Dollar’

President Donald Trump opposed the BRICS currency idea, proposing a 100% tariff regime if the organization abandoned the U.S. dollar for a new currency, defending the dollar’s role as the world’s trading coin.

Brazil could also present a system like Pix, that uses different networks and systems based on fiat currencies. Nonetheless, this might raise worries about the sovereignty and independence of the system, as fiat currencies might be subject to different regulatory standards.

Russian officials have confirmed that BRICS is indeed taking this as a priority, hosting talks to determine the best course of action in this regard. Last month, Russian Foreign Minister Sergey Lavrov stressed that President Luis Inacio Lula Da Silva had taken the initiative in this field, examining the creation of a so-called transborder payment initiative, the creation of a reinsurance company, and the BRICS Clear settlement and depositary infrastructure.

Read more: BRICS Discusses Alternative Payment Platforms to Bypass Western Financial Systems

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