The flags of Brazil, Russia, India, China, and South Africa on the banknote represent the countries' shared desire to look into alternatives to the US dollar in cross-border commerce. The launching of the symbolic currency demonstrates the BRICS's increasing efforts to create a more autonomous economy that is less dependent on financial systems in the West.

Kazan Declaration: BRICS Currency Alternative to US Dollar?

During the conference, Russian President Vladimir Putin made it clear that the launching of BRICS currency doesn't mean that BRICS countries are abandoning the US dollar, but rather are developing substitutes in case access to it is still restricted.