November 15, 2019 BRICS is reportedly considering developing a digital currency to reduce its dependency on the U.S. dollar for settlements between nations.

Brazil, Russia, India, China and South Africa discussed during a business council meeting the possibility of creating a digital payments system for use between the five emerging countries. The move comes as the countries continue reducing their reliance on USD for international settlements, having already decreased use by 42% over the last five years. The Russian Direct Investment Fund would likely develop the network.