A consortium of nations known as BRICS is reportedly in the process of finalizing the details for a new currency with the aim of reducing reliance on the US dollar. South African Ambassador to China, Siyabonga Cyprian Cwele, has stated that BRICS members will convene this month to discuss the specifics of this new currency, as reported by the Chinese state-backed Global Times. The agenda for the meeting includes a debate on whether a digital currency would effectively facilitate global trade and settlement while minimizing the risk of sanctions. Cwele emphasized the importance of supporting the use of local currencies and exploring digital currencies as a means to reduce reliance on a single currency and establish stable mechanisms for trade and settlement. This push for a new currency comes at a time when BRICS is experiencing growth, with the addition of Saudi Arabia, Iran, Ethiopia, Egypt, and the United Arab Emirates to the organization last year. Furthermore, Cwele revealed that over 20 additional countries have expressed interest in joining BRICS. The leaders of BRICS are currently working on developing guidelines for the inclusion of new countries that are non-discriminatory and address issues beyond just economics.