Brazil, which currently holds the presidency of BRICS, has decided not to push forward with discussions on creating a common currency for the bloc in 2025, according to sources who spoke to Reuters.

Instead, the focus will be on reducing dependence on the U.S. dollar by improving cross-border payment systems that facilitate trade in local currencies. While this shift may seem like a neutral economic policy, it has already drawn strong opposition from U.S. President Donald Trump, who has twice in recent months warned BRICS nations against undermining the dollar’s global dominance.

Trump’s latest warning, issued in January, came with a direct threat of 100% tariffs on BRICS nations if they attempt to replace the dollar in international trade. In a fiery post on social media, Trump declared, “There is no chance that BRICS will replace the U.S. dollar in international trade, or anywhere else, and any country that tries should say hello to tariffs, and goodbye to America!”

The aggressive rhetoric highlights Washington’s growing concerns about the bloc’s moves toward financial independence from Western-dominated monetary systems.

However, the sources insist that BRICS’ monetary discussions are not meant to challenge the United States. One of the sources explained that the goal is to “reduce friction in global trade” by making transactions between BRICS nations more efficient. Another echoed the sentiment, saying, “No one wants to create trouble, but BRICS countries also don’t want to abandon the idea of exploring this possibility.”

Experts: A BRICS Currency Is a Long Shot

While leaders like Brazilian President Luiz Inácio Lula da Silva have championed the idea of a shared BRICS currency in the past, financial experts widely agree that such a project would be incredibly difficult to implement. The BRICS bloc includes economies with vastly different monetary policies, inflation rates, and levels of financial stability. Creating a common currency that could be effectively managed across these nations would require years—if not decades—of coordination.

Anil Sooklal, South Africa’s ambassador to BRICS, has previously pointed out that the idea of a BRICS currency remains a distant goal rather than an immediate priority.

“There is no clear consensus on key issues like governance, reserve allocations, and macroeconomic policy alignment. Until those challenges are addressed, any talk of a single currency is purely theoretical,” he stated.

The United Nations Development Program (UNDP) has also raised concerns about the feasibility of a BRICS currency. A 2023 UNDP report found that African and Latin American economies within BRICS already struggle with structural economic weaknesses, making the prospect of a shared currency even more complex.

Brazil Moves to Strengthen Trade in Local Currencies Instead

Since a single currency is off the table for now, Brazil’s BRICS presidency is focusing on enhancing trade mechanisms that allow transactions in local currencies, reducing the need for the U.S. dollar as an intermediary. Officials say the initiative will involve integrating payment systems using advanced technologies such as blockchain, following standards set by international bodies like the Bank for International Settlements (BIS).

Brazil is taking lessons from its own domestic success with digital payments. The country’s instant payment system, Pix, launched in 2020, has revolutionized transactions, surpassing cash, credit, and debit card payments. Now, Brazilian officials are looking to use similar technology to facilitate cross-border trade among BRICS members.

Another model under consideration is Brazil’s Local Currency Payment System (SML), which already allows transactions to be settled directly in Brazilian reais between Argentina, Uruguay, and Paraguay. However, SML has struggled with adoption due to long settlement times—transactions currently take up to three business days to clear. Brazilian officials believe integrating instant payment technology could make these transactions faster, more secure, and cost-effective, ultimately increasing trade within BRICS nations without the need for a common currency.

Brazil will formally present its agenda for BRICS at the upcoming July 2025 summit, with key discussions set to take place in South Africa later this month on the sidelines of the G20 meetings. The BRICS bloc, which has expanded in recent years to include Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates, is positioning itself as an alternative economic powerhouse to traditional Western financial institutions.

For now, the focus is on strengthening financial cooperation without directly challenging the U.S. dollar’s role. However, Trump’s threats of 100% tariffs on BRICS nations suggest that even small steps toward financial independence could provoke economic retaliation from the U.S.

The spat between Binance and the Nigerian government has escalated further as Tigran Gambaryan, a senior executive of the cryptocurrency exchange, revealed three Nigerian lawmakers who demanded a $150 million bribe from the crypto company last year.

The revelation comes months after his detention by Nigerian authorities on allegations of money laundering and economic sabotage. The Nigerian government, however, has dismissed the claim as a “diversionary tactic”, accusing Binance of attempting to evade justice.

On Friday, Gambaryan, Binance’s Head of Financial Crime Compliance, identified Peter Akpanke, Philip Agbese, and Ginger Obinna Onwusibe as the lawmakers who allegedly demanded the massive bribe in cryptocurrency in exchange for halting investigations into Binance’s operations in Nigeria. Ironically, Onwusibe chairs the House of Representatives Committee on Anti-Corruption, while Agbese serves as the Deputy Spokesperson of the House.

Gambaryan claimed the lawmakers orchestrated a sham meeting to make the process seem legitimate.

“They set up fake cameras and media to make the meeting appear official, but the cameras weren’t even plugged in. As you may already know, this ended with them asking for a $150 million bribe, paid in cryptocurrency into their personal wallets. A Mickey Mouse operation at its best.”

The revelation comes after months of speculation that high-ranking officials may have tried to extort Binance under the guise of regulatory enforcement. Gambaryan further alleged that Nigeria’s Department of State Services (DSS) was aware of the bribery attempt.

“The DSS was involved in the House of Representatives matter. We met with them at their office on Friday, January 5, 2024, as a prerequisite to our meeting with the House of Representatives. They alluded to the fact that we had to comply with whatever the House members instructed us to do,” he said.

The House of Representatives had previously denied any demand for bribes from Binance or its officials.

Gambaryan did not stop at the bribery allegations. He also accused the Nigerian government of using Binance as a scapegoat for the naira’s dramatic fall in the foreign exchange market. He said that the administration of President Bola Tinubu knew the depreciation was a direct result of its monetary policy but shifted blame onto Binance.

“They tried to use us (Binance) to violate international privacy laws by demanding user data on all Nigerians to target opposition members allegedly ‘manipulating the price of the naira’,” he said.

Gambaryan explained that the root cause of the naira’s depreciation was the decision by the Tinubu administration to unpeg the currency from the dollar, removing government intervention in the foreign exchange market.

“I’m not saying this policy decision was wrong, but everyone understood that removing government intervention would lead to extreme devaluation. Instead of acknowledging this, they used Binance as a scapegoat,” he said.

The Alleged Escape of Binance Executive, Nadeem Anjarwalla

Gambaryan also addressed another controversial incident—the escape of Binance’s regional manager for Africa, Nadeem Anjarwalla. Nigerian authorities had claimed that Anjarwalla escaped from custody during mosque prayers. However, Gambaryan dismissed this account as false, revealing that Anjarwalla had actually returned before making his escape.

“They lied about Nadeem escaping during mosque prayers. In reality, he returned and escaped1 afterward. I don’t know exactly how he managed to flee,” he said.

Gambaryan further criticized the Nigerian Economic and Financial Crimes Commission (EFCC) for mishandling the case, claiming that innocent EFCC detectives were detained while the actual security lapses went unpunished.

“If anyone should have been detained, it was Belloji (an EFCC operative) for multiple basic law enforcement failures and incompetence.”

Nigerian Government Responds: “Binance Is Engaging in Blackmail”

In response to these explosive allegations, the Nigerian government has denied the bribery claims and accused Binance of trying to manipulate public perception.

In a statement released by Rabiu Ibrahim, Special Assistant to the Minister of Information and National Orientation, the government dismissed the bribery claims as part of a coordinated international campaign to undermine Nigeria’s authority.

“In a blog post that has now been published by many international media organizations, in an apparent well-coordinated public relations effort, Binance CEO Richard Teng made false allegations of bribery against unidentified Nigerian government officials who he claimed demanded $150m in cryptocurrency payments to resolve the ongoing criminal investigation against the company,” he said.

The Nigerian government insisted that Binance is under legitimate investigation for its alleged role in money laundering, terrorism financing, and foreign exchange manipulation.

“The facts of this matter remain that Binance is being investigated in Nigeria for allowing its platform to be used for money laundering, terrorism financing, and foreign exchange manipulation through illegal trading,” he said.

The Nigerian government also highlighted that Binance is facing criminal charges in multiple countries, including the United States.

“Just a week ago, the founder and former CEO of Binance, Changpeng Zhao, was sentenced to prison in the United States, after pleading guilty to charges very similar to what Binance is being investigated for in Nigeria.”

The statement referenced the $4.3 billion fine Binance was ordered to pay to U.S. authorities, as well as Zhao’s $50 million personal fine for violations of U.S. financial laws.

Nigeria to Press Forward with Binance Investigation
Despite the international media attention on Binance’s bribery allegations, the Nigerian government vows to continue its legal proceedings against the crypto giant.

“We would like to remind Binance that it will not clear its name in Nigeria by resorting to fictional claims and mudslinging media campaigns. The only way to resolve its issues will be by submitting itself to an unobstructed investigation and judicial due process.”

“The Nigerian government will continue to act within its laws and international norms and will not succumb to any form of blackmail from any entity, local or foreign,” he said.