- India rejects BRICS proposal, reinforcing US dollar dominance in global finance.
- Bitcoin gains silent traction as global de-dollarization talks face delays and fragmentation.
- BRICS currency plan slows as India prioritizes national interest over bloc monetary unity.
India has made a bold decision that may shape global finance. The country has rejected the proposed BRICS joint currency. Instead, it reaffirmed support for the US dollar in international trade. This move reflects strategic priorities rather than symbolic alliances. It comes as global markets closely watch the future of dollar dominance.
The BRICS group, Brazil, Russia, India, China, and South Africa, has long discussed launching a shared currency. The aim is to reduce dependence on the dollar. The plan gained momentum in recent years, especially after the West imposed sanctions on Russia. Several BRICS members, including Russia and China, have pushed to accelerate de-dollarization.
India, however, now stands apart from that goal. According to reports from World Affairs, India favors preserving strong trade ties with the United States. This means continuing to settle international trade in dollars rather than using a new BRICS currency.
Strategic Interests Take Priority
India has strong economic relations with the United States. In 2023, bilateral trade between the two nations totaled $128.8 billion and increased to $131.84 billion in 2024–2025. The United States is a major market for many of India’s major exports, including pharmaceuticals and software, with the U.S. dollar being the dominant currency for trade settlements.
India also relies on Western capital markets and investment. Global investors often assess stability based on dollar-linked performance. Changing that dynamic could risk financial volatility. By rejecting the BRICS currency, India signals a commitment to stable financial partnerships. It also shows caution toward rapid shifts in monetary systems.
Some BRICS nations reacted to this stance. Russia, for example, has been vocal about building alternatives to the dollar. But India has focused more on rupee-based trade agreements than on adopting a new bloc currency. It recently signed local currency deals with nations like the UAE and Sri Lanka. However, these agreements remain limited in scope. They do not challenge the dollar’s global role.
Related: India Eyes Strategic Use of Bitcoin After US Reserve Move
Bitcoin Enters the Conversation
As the BRICS nations continue to discuss their currency, Bitcoin is gaining more traction. It has emerged as a silent hedge against fiat systems. Some nations are starting to consider Bitcoin as a store of value and a hedge against geopolitical danger. India’s stance does not directly support Bitcoin, but it contributes to the wider uncertainty.
Investors often turn to decentralized assets during times of monetary transition. Bitcoin’s limited supply and global nature appeal to those wary of currency manipulation. If more nations take different paths on de-dollarization, Bitcoin may benefit. Analysts say its neutrality offers an alternative to both the dollar and any BRICS coin.
The delay of a BRICS currency could extend the dollar’s dominance. But it also creates space for alternatives to gain traction. Bitcoin’s role may expand as people seek tools that sit outside national policies. So far, it remains a minor player in trade, but that could change quickly.
India’s choice may influence other countries with mixed alliances. Nations balancing Western ties and regional partnerships might follow India’s path. That could reduce momentum for any global de-dollarization push. It might also slow progress toward a shared BRICS currency.
The global financial order is shifting. However, the changes are still slow and complex. The rejection of the BRICS coin by India indicates that de-dollarization is uncertain. Instead, nations may continue to weigh their choices and observe market responses.
