The idea of a BRICS common currency, which is widely regarded as unfeasible, has not gained much traction, while trade in local currencies has gained momentum due to economic sanctions and a growing desire among countries to reduce their dependence upon the US Dollar. The use of cryptocurrencies, BRICS, and de-dollarisation, thus, cannot be understood through a simplistic prism but needs to be viewed in the broader economic and geopolitical context.
As Iran sharpens its focus on digital finance and alternative economic tools, recent speeches by senior Iranian officials highlight how cryptocurrencies and blockchain technology are being positioned at the heart of Tehran’s strategy to navigate sanctions and push for de-dollarisation. Speaking at Iran’s Blockchain Currency Conference, Pooria Asteraky, chairman of the deBlock Summit, described cryptocurrencies as ” the first technological tool for de-dollarisation.”
He said that BRICS is meant to dilute financial centralisation by reducing the role of the dollar and the volume of dollar-denominated assets held by member countries. Asteraky also argued that cryptocurrencies could be an important tool towards achieving de-dollarisation, given the fact that they are not controlled by any single government or geopolitical bloc.
Mohammad Bagher Ghalibaf, Speaker of the Iranian Parliament, made the point that cryptocurrencies enable new mechanisms for conducting business and settling trade payments. He further highlighted that Iran aims to become a “global” and regional hub in digital trade and blockchain technology, and that the country is prepared to invest in and collaborate on achieving this goal.
Iran’s economic challenges arising from sanctions
One of the main factors driving Iran towards using cryptocurrencies is to circumvent long-standing international sanctions, which have crippled its economy. According to an IMF report, Iran’s economy is likely to grow at 0.6% in 2025. The US sanctions have added to the strain, with inflation reaching nearly 40% (38.9%) in October 2025, and the Iranian Rial suffering significant depreciation. Further, as per IMF estimates, unemployment rates both in 2025 and 2026 shall be well over 9% (9.5% in 2025 and 9.2% in 2026)
Recently, the EU and UK have imposed sanctions in response to Iran’s nuclear proliferation activities. The sanctions referred to as “snapback sanctions” have been imposed due to Iran violating conditions of the Iran Nuclear Deal/JCPOA 2015. These sanctions are expected to further strain the Iranian economy — a point Ghalibaf also highlighted in his remarks.
Signals from the Iranian Speaker
Ghalibaf’s speech raises several significant points. First, several commentators and analysts have advocated that the US should adopt a more pragmatic stance vis-à-vis Iran. In the aftermath of the Iran-Israel and Iran-US conflict in June 2025, the US President, Donald Trump, called for renewed engagement between Iran and the US. During his meeting with Saudi Arabian Crown Prince Mohammed bin Salman at the White House on November 18, 2025, Trump reiterated this stance.
However, Iran’s supreme leader, Ayatollah Ali Khamenei, has rejected Washington’s offer of dialogue, while Iranian Foreign Minister Abbas Araghchi has stated that Iran is open to talks provided that the country is treated with “dignity and respect”.
Iran and BRICS
Iran formally joined BRICS as a member in January 2024 and has been one of the bloc’s strongest advocates for a common BRICS currency. In this context, the speeches by both Asteraky and Ghalibaf are important because there were references to the changing global economic order – especially in the context of sanctions and de-dollarisation – and the expanding role of blockchain technology.
BRICS Common currency and de-dollarisation
While the idea of a BRICS common currency has been rejected by members of the organisation, there has been some progress regarding a common payment system, which is seen as more feasible. The first demo of such a mechanism, which aims to circumvent sanctions and reduce dependence upon the US Dollar, was presented during the BRICS 2024 Summit held at Kazan in October 2024. During this Summit, the Russian President referred to the “weaponisation” of the US Dollar and the trend of increasing trade in local currencies between BRICS member states – especially Russia and China.
Since then, members of the organisation have continued expressing support for such a system. India will be taking over the BRICS Presidency in January 2026 and is likely to highlight the success of India’s digital payment system – the Unified Payments Interface (UPI). During the BRICS 2025 Summit, PM Narendra Modi had asked other BRICS countries to adopt this system.
It would also be pertinent to point out that trade in local currencies within the BRICS members, beyond Russia and China, has witnessed a significant rise in recent years.
Conclusion
US President Donald Trump has been critical of BRICS and its push for “de-dollarisation”. Several countries have shown interest in BRICS for purely economic reasons. The idea of a BRICS common currency, which is widely regarded as unfeasible, has not gained much traction, while trade in local currencies has gained momentum due to economic sanctions and a growing desire among countries to reduce their dependence upon the US Dollar. The use of cryptocurrencies, BRICS, and de-dollarisation can not be understood through a simplistic prism but needs to be viewed in the broader economic and geopolitical context, including the desire of countries to navigate a complex geopolitical landscape and diversify economic relationships.
Disclaimer: The views expressed in this article are those of the author solely. TheRise.co.in neither endorses nor is responsible for them. Reproducing this content without permission is prohibited.
About the author
Tridivesh Singh Maini is a New Delhi-based Policy Analyst. He is faculty member of OP Jindal Global University, Sonepat, Haryana.
