Expert: too early for single BRICS currency, more action needed
3 Min Read
Chinese expert Wang Wen says it's too early for a unified BRICS currency, calling instead for action on implementing digital financial tools.
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(L to R) Russia's Foreign Minister Sergey Lavrov, Abu Dhabi's Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Indonesia's President Prabowo Subianto, South Africa's President Cyril Ramaphosa, Brazil's President Luiz Inacio Lula da Silva, India's Prime Minister Narendra Modi, China's Premier Li Qiang, Ethiopia's Prime Minister Abiy Ahmed, Egypt's Prime Minister Mostafa Madbouly, and Iran's Foreign Minister Abbas Araghchi pose for a family photo during the BRICS summit in Rio de Janeiro, Brazil, on July 6, 2025 (Pablo PORCIUNCULA / AFP)
A leading Chinese expert has said it is premature to discuss the creation of a single BRICS currency, stressing that member states should first focus on adopting and testing digital financial tools.
Wang Wen, dean of the Chongyang Institute for Financial Studies at Renmin University of China, made the remarks to RIA Novosti during the Eastern Economic Forum (EEF) in Vladivostok.
"I think that digital currency cooperation is just at the starting point. We still have a lot to do. It’s too early to speak of the advantages or disadvantages. Now, what we need to do is implement and push the cooperation," Wang said when asked about the future of a unified BRICS digital currency.
Wang spoke at the EEF session titled “Tokenization of the Financial Market: Taking a Look into the Future.” He emphasized that the next phase for BRICS nations should involve enhancing financial cooperation, such as expert exchanges and shared experiences.
Read more: BRICS may revisit single currency when conditions allow: Lavrov
Financial cooperation key for BRICS progress
Wang criticized the excessive focus on theoretical discussions around risks and benefits, noting that over-analysis had slowed actual progress.
"A few are talking about disadvantages or advantages or the risks. I think at this point, in the past, we talked too much," Wang said. "Because we talked too much about risks, disadvantages, or advantages, we calculated too much, and the speed of cooperation in financial fields was very, very slow in the past two decades between Russia and China."
Wang Wen Warns of U.S. Push for Stablecoin Dominance
The US dollar is set for inevitable decline, and emerging economies must close ranks to prevent Washington from establishing a new form of hegemony in the digital assets market, Wang warned.
Wang Wen said the U.S. strategy is to shift from dollar dominance to stablecoin supremacy.
“The dollar is inevitable to decline, and the US strategy is to use stablecoins instead of the dollar. So maybe the U.S. will establish a new stablecoin hegemony,” the expert stated.
He cautioned that time was limited for countries outside the US sphere to respond, urging emerging economies to unite “much closer than before” in building alternatives within the digital financial system.
Wang emphasized that both Russia and China face shared risks from the US's efforts to dominate the global digital finance landscape, calling for stronger cooperation to counterbalance Washington’s influence.
Putin: BRICS exploring unified digital payment system
In December 2024, Russian President Vladimir Putin stated that BRICS was considering the creation of a unified digital payment system.
During the “Russia Calling” VTB investment forum, Putin noted that the increasing number of economic partners required a secure and modern financial transaction system.
The 10th edition of the EEF is being held in Vladivostok, Russia, from September 3–6. The event has brought together key voices on global economic cooperation, innovation, and the future of finance. RIA Novosti is the general media partner of the forum.
