How BRICS are moving settlements onto digital rails — Will this accelerate de-dollarization and what are the consequences for companies?

The catalyst for the discussion was the idea of integrating the payment information systems of Russia, China, and India for mutual settlements in digital currencies. Such a scenario was announced by Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market. He suggested the automatic conversion of the digital ruble into digital yuan and rupee at the market rate and the movement of funds outside of banking channels.

Are Russia, China, and India ready to unify digital payment systems, and what exactly is proposed?

The initiative is at a conceptual stage. It is proposed to link national digital currencies through the integration of IT systems with automatic conversion and minimization of intermediaries' roles to accelerate cross-border settlements and reduce the visibility of flows to external observers, as described by Aksakov.

"Money will move within information systems, bypassing banks, and consequently, no one abroad will see this flow."

Political observer Yuri Svetov warns of "serious technological complexities" and the uncertain positions of Beijing and Delhi, considering their extensive trade with the US and EU, as well as the need for competencies for the "mechanism of action of the three currencies," as he noted. Concurrently, Professor at the Russian Presidential Academy of National Economy and Public Administration Igor Kachalov sees the unification as a "revolutionary step towards Eurasian independence," allowing for direct operations without intermediaries and bypassing international institutions, which he stated.

Economist Dmitry Lyubomudrov adds the factor of internal resistance: according to him, there is a lobby operating within the elites and financial institutions that is oriented towards established dollar schemes. At the same time, he insists on the urgency of launching the project amidst sanctions and the turbulence of the global settlement system, as he emphasized.

Will such a project accelerate de-dollarization and enhance the financial autonomy of BRICS?

Yes, in the sources, it is interpreted as a step towards independent settlement infrastructure and bypassing external control, against the backdrop of growing rhetoric about weakening the dollar and diversifying reserves. In this context, fresh macroeconomic indicators are cited: the dollar index DXY fell to 97.94 in September, US national debt is estimated at $37.4 trillion, and the dollar's share in IMF reserves is described as declining, as asserted in a Belnovosti review.

The media landscape reinforces this narrative: French AgoraVox links "creeping de-dollarization" to the risk of a decline in living standards in the US, which is recounted by Moskovskij Komsomolets. Among alternative initiatives, the launch of the BRICS Pay blockchain payment platform in 2025 is also noted, as reported in the same article.

What tactical changes are already visible in markets and digital assets?

The increased interest in crypto-assets and demand for mining in BRICS countries has coincided with pressure on the dollar and expectations of dovish Fed policy. According to the Binance platform, Bitcoin hit a new all-time high, exceeding $124,480. Analyst Alexander Girya suggests a move towards $125,000–135,000. He also estimates Russia's share in global Bitcoin mining at over 14% and a 30% increase in mining orders from clients from the Russian Federation, CIS, and BRICS countries in September, as cited by RT.

What are the key operational risks and bottlenecks for implementing such settlements?

The main risks are the technological compatibility of systems and the political readiness of partners to support the priority of "three currencies" over existing external trade and financial chains. Svetov speaks directly about this, pointing to the complexity of the "technology to solve the problem" and its sensitivity for China and India, given their trade ties with the West, as he emphasizes.

Internal barriers include resistance from lobbies oriented towards established dollar settlements and institutional inertia. Simultaneously, some experts (Kachalov) do not foresee "serious problems" if the project is accelerated, while others (Lyubomudrov) insist on its urgency due to sanctions pressure, as evident from their assessments.

Conclusion: If the BRICS digital currency integration project achieves technical and political "connectivity," it will reduce transaction costs and the visibility of flows to external controls, while simultaneously strengthening the trend towards diversification from the dollar. However, the trajectory will be determined not only by technologies but also by the partners' readiness to change established foreign trade and financial habits.