New BRICS Currency to Counter USD in Global Trade? No, Claim Is Misleading

A mock-up note of the alleged 'BRICS currency' was presented to Russian President Putin at the summit in Kazan.

Images of Russian President Vladimir Putin with a banknote circulated widely on the internet, sparking claims that the leader had introduced a potential "new Brazil, Russia, India and China (BRICS) currency" that could rival the dominance of the United States Dollar (USD) in global trade.

(Archives of similar claims can be found here and here.)

Is this true?: No, the claim is misleading.

• President Putin was presented with a mock-up of the alleged currency at the summit however, there are no official records to support an unveiling ceremony for the note.

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What we found: A Google search for "BRICS currency" took us to a report from Financial Express, from 25 October.

• Quoting official sources, the report explained that the viral photo is not of Putin with an official BRICS currency note, but simply a "mock-up given to the Russian leader by enthusiasts."

• Another report by Financial Express called the currency a "symbolic banknote."

• Kremlin Spokesperson Dmitry Peskov said, “it symbolizes the common work that is being carried out within the framework of BRICS.” However, Putin highlighted that the matter was not currently being discussed but is not yet ready and emphasized the importance of slowly taking action without rushing, reported Lenta.RU

• We also found Press Information Bureau's (PIB) fact-check which discredited the claim and stated. that there was no common BRICS currency.

Several news reports and posts are circulating on social media regarding the adoption of a #BRICS Currency#PIBFactCheck

✔️These claims are fake

✔️There is no common BRICS currency pic.twitter.com/kQniVNCoKQ

— PIB Fact Check (@PIBFactCheck) October 24, 2024

Who created the note?: According to Vladday.ru and Rg.ru, philanthropist Evgeny Fedorov was the author of the idea.

• The entrepreneur displayed a bundle of cash for the BRICS summit on his private Telegram channel.

• The currency was produced in the Kirzhach printing house in collaboration with the Arm-Register company.

Officials from multiple BRICS nations have commented on the currency, including External Affairs Minister (EAM) S Jaishankar.

As per Hindustan Times, Jaishankar said that there "is no idea of a BRICS currency."

Conclusion: A misleading claim went viral that a new BRICS currency was launched at the summit to be used instead of the US dollar.

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