There is a difference between a BRICS common currency and de-dollarisation. While trade in local currencies is a compulsion due to sanctions and other changes in the global economic landscape, a BRICS common currency is not feasible due to economic and geopolitical reasons. India’s presidency of BRICS will be important, since it will have to walk a fine balance. While voicing the concerns of the Global South it would not want to get caught in a zero-sum geopolitical wrangling.