Argentina has made it clear that it will not formally join the BRICS bloc; however, its flag has been included in the preliminary design of the new currency, suggesting a possible symbolic or trade relationship. Russian President Vladimir Putin presented the BRICS banknote model, which displays the flags of the five founding members (Brazil, Russia, India, China, and South Africa) arranged in a circle, symbolizing unity and cooperation among these emerging economies.
Xi Jinping has indicated that this new BRICS currency represents a crucial opportunity to foster a multipolar world that significantly reduces dependence on the US dollar. The payment system based on blockchain technology, called BRICS Pay, is one of the key elements of this strategy. During the summit, Xi Jinping emphasized the need to reform the global financial architecture, stating that BRICS must lead the creation of a system that reflects changes in the global economic balance.
On the reverse of the banknote, other flags are included, such as those of countries interested in joining the group like Mexico, Egypt, Nigeria, and Bahrain. This evidences the bloc's intention to expand its influence globally. Although no official announcement has yet been made regarding the launch of the new currency, its development has been a central topic of discussion in the bloc in recent years. This advancement marks a milestone in the group's efforts to establish an alternative to the Western financial system and the US dollar.
The creation of this new system will allow member countries to conduct transactions without relying on Western financial infrastructures such as SWIFT, facilitating trade among the nations of the bloc and decreasing exposure to financial sanctions imposed by the West. The official presentation of the prototype of the future BRICS currency banknote took place during the BRICS 2024 summit in Kazan, Russia.
