A coalition of nine ASEAN countries has reportedly agreed in principle to accept a planned BRICS currency once it is launched—giving the 10-member BRICS bloc fresh momentum and confidence that its proposed tender could gain early footholds in global markets. What we know - Nine ASEAN nations have signaled readiness to use the BRICS currency when it debuts. - Indonesia, previously part of ASEAN and now an official BRICS member, will also accept the currency; counting BRICS membership and the ASEAN signatories together brings the potential early-adopter pool to roughly 19 countries. - BRICS has additionally named 13 Partner Countries; if some of them join, the list of users could expand further. Why it matters BRICS—backed politically and economically by prominent members such as China and Russia—has been explicit about reducing reliance on the U.S. dollar. The bloc frames a shared interest in diversifying reserve and settlement currencies as a response to long-standing geopolitical grievances and perceived instability in U.S. foreign policy. Early commitments from ASEAN states would strengthen BRICS’ de-dollarization agenda and boost the credibility of any new settlement currency ahead of its market debut. Potential implications - Payments and trade: A widely accepted BRICS currency could shift some cross-border settlement away from dollar rails, changing how trade is invoiced and settled between participating economies. - Monetary influence: Broader use of a BRICS-denominated tender could recalibrate regional reserve dynamics and reduce demand for USD in certain corridors. - Crypto and fintech: The launch may accelerate experiments with alternative settlement systems, CBDCs or tokenized representations of the new currency—creating new opportunities (and regulatory questions) for crypto and payments infrastructure. Caveats Details remain scarce: the currency’s legal form, convertibility, technical architecture, and timeline for rollout have not been made public. Real-world impact will depend on these design choices, regulatory acceptance, and how quickly trade and financial institutions adopt the new instrument. Bottom line Early ASEAN commitments, plus Indonesia’s BRICS membership and a broader partner network, would give the BRICS currency a running start if it launches. But adoption, operational design and geopolitical consequences will determine whether this initiative meaningfully accelerates de-dollarization or remains primarily a political signal. Read more AI-generated news on: undefined/news

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