BRICS. They (understandably) do not want the dollar. They do not want their own BRICS currency either. They also do not want Bitcoin. They want to trade in national currencies ... but do they even really want that?

So, they say that they want to trade in national currencies:

Brics trade focus only on national currencies

NEW DELHI : Foreign Secretary Vinay Mohan Kwatra on Monday downplayed the possibility of Brics countries developing a common currency. Briefing the media, Kwatra said deliberations among Brazil, Russia, India, China and South Africa have been focused on boosting trade in national currencies instead of on developing a common currency.

So, imagine that I am a Brasilian exporter trying to export some stuff to India.

I am willing to accept Indian rupees as payment. As soon as I receive them, I will flip them for Chinese Yuan, because I will soon need to pay for Chinese imports.

However, accepting Indian rupees as payment requires me to have an Indian bank account. Sorry, that will not work, because Indian regulations do not allow me, as a Brasilian, to remotely open a bank account in India. I will be able to download the app from the Google Play store, but it won't work, because the Indian bank will artificially impair the Android app.

No, problem.

We are still going to trade in national currencies!

The Indian importer will simply send me Brasilian Real from his bank account in Brasil. Ah no! Sorry! According to Brasilian regulations, the Indian importer cannot remotely open a bank account in Brasil. So, that will not work either. He will be able to download the app from the Google Play store, but it won't work, because the Brasilian bank will artificially impair the Android app.

So, what do we see?

Both Brasilian and Indian financial regulations were specifically set up to shoehorn all international payments through the SWIFT network, where they will be settled in ... US dollars.

So, the Foreign Secretary of India, Mr. Kwatra, may say that he wants to switch to national currencies, but his own regulations make that impossible. I am not even sure that Mr. Kwatra is actually aware of his own contradictions.

As a matter of fact, the SWIFT network only exists because people like Mr. Kwatra and their regulations keep shoehorning international payments through it. It is really people like him who keep the dollar regime afloat.

If the Brasilian exporter and Indian importer want to avoid the SWIFT network along with its dollar settlements, then the only solution that currently works, is that they both download a Bitcoin wallet app. It will flawlessly work for both of them. But that is again something that the Foreign Secretary of India does not particularly seem to want.