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BRICS alternatives to dollar no longer a 'fantasy,' economist O'Neill says

  • Jim O'Neill says BRICS could realistically build alternatives to the dollar now — a notion he once called a "fantasy" but sees as plausible thanks to advances in payment technology.
  • The group is exploring linked payment systems and digital currencies (e.g., India's UPI, China's CIPS, Brazil's PIX, BRICS Pay and potential CBDC use) to push de‑dollarisation.
  • BRICS/BRICS+ is growing and getting more attention, yet concrete wins are limited beyond the New Development Bank and a new BRICS+ Thinking research platform.
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