It will definitely take some time to get out of a system that has been in place for a long time. BRICS has already started working. Among BRICS countries, Russia and China are using their own payment system, which we can think of as an alternative to SWIFT in their own countries and have launched international payment systems.
CIPS (Cross-Border Interbank Payment System) is a system made by China.
SPFS (System for Transfer of Financial Messages) is a system made by Russia.https://www.middleeastmonitor.com/20250403-25-countries-join-russias-payment-system-as-an-alternative-to-swift/https://statrys.com/blog/what-is-cips-china?utm_sourceSome Russian banks have been restricted from SWIFT for a long time, some of the other banks conducting their business. But they are finding alternative. We can easily understand that it will not be difficult to operate without SWIFT but temporary problems will have to be faced. BRICS member countries are increasing. If almost half of the world's population is included in this coverage or many countries are added here, then finding an alternative to SWIFT is not a problem. Many countries are still outside BRICS, but they have started coming. As new countries join BRICS, their control over raw materials, markets and geographical position has become more powerful.
BRICS is carrying out its activities extensively and they are doing everything smoothly to keep their position more stable worldwide. That is why we need to give more time considering the global situation as we are moving forward as fast as we can. But it is certain that this organization is moving forward on the right track.
But do these alternative payment systems make use of crypto/Blockchain tech? I doubt it. Meanwhile, the US is moving one step forward by enacting pro-crypto policies under President Donald Trump's leadership. With stablecoins poised to become de-facto USD digital Fiat currencies, the USD's dominance will only strengthen over time. It's no secret that USD-based stablecoins dominate the crypto market. And if the FED backs the USD with BTC, things will be even better.
How will BRICS be able to compete with this? The bloc needs to adopt Blockchain tech at its fullest to stay at the forefront of innovation. China has a CBDC, but other countries within the bloc are lacking behind. Not sure if the Chinese Yuan (now e-CNY) would be able to become the standard medium of exchange among BRICS countries. We'll see if they'll be able to de-throne the USD in the long run.