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BRICS is unlikely to reduce its dependence on the US dollar in the near future or create a common currency, with the dollar expected to remain central to global trade, said Chip Rogers, President and CEO of Rogers Capital Consultancy.
Talking with ANI on the sidelines of BRICS Summit 2026, Rogers noted that around 99 per cent of stablecoins are backed by US Treasuries or the US dollar, a trend he expects to continue as the dollar remains the primary currency underpinning global trade. "I know there's a goal to have trade outside of any currency that is backed by the US dollar or any digital asset that's backed by the US dollar. I don't think that's going to happen overnight, he said, stressing the US dollar will likely continue for quite some time." On the possibility of a common BRICS currency, Rogers said such a move was unlikely, with member countries instead expected to retain their national currencies and focus on technology that enables smoother cross-border transactions. I think the sovereign nations wish to keep their own currency and figure out a way to digitally interact with each other to remove as much friction as possible and that's a laudable goal, that's good for everyone. So I don't think there is going to be a currency. I think the technology that we're looking for is an ability to trade in those domestic currencies in a way that removes all friction, he noted. On the future of BRICS, Rogers described the groupings push for greater trade among member countries as a positive development, saying stronger trade ties can deepen economic interdependence and promote cooperation. Citing American economist Milton Friedman, Rogers said, You typically don't go to war with those that you trade with. So, whether it's BRICS or any other trading negotiation, I think that's good for humanity. It's good for the entire world because when you trade with each other, you become friends. You become dependent upon each other. That's not a bad thing, that's a good thing. And so, I think what BRICS is talking about is a very positive development," he added. (ANI)
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