Russian Central Bank Governor Elvira Nabiullina and Head of “BRICS Bank” Throw Cold Water on BRICS Currency Project Yves Smith

Another example of hype versus reality.  An alternative payments system based on an alternative currency is just "an aspiration" at this point. The devil, as usual with anything complicated, is in the details. In addition, it won't be a simple matter to get agreement among all the parties. 

This doesn't mean it will not happen eventually, only that it won't happen in the time frame many are representing and hoping. 

For now, bilateral trade in the currency of the counterparties is the viable alternative along with ad hoc workarounds.

Naked Capitalism
Russian Central Bank Governor Elvira Nabiullina and Head of “BRICS Bank” Throw Cold Water on BRICS Currency Project
Yves Smith