Abstract
Following the growing imbalance and the aggravation of unipolarity in Western markets, the BRICS countries are proposing to develop a common BRICS-backed currency, hoping to rebalance the financial system and be more multipolar. Macro-level geopolitical factors and the level of support of global traders are key contributors to the success of this effort. This study aims to close the gap and focuses on businesses' micro-level perspective instead of emphasizing the geopolitical issues as in past literature. The objective is to investigate Malaysian traders' readiness to adopt a prospective BRICS-backed currency. A survey of 235 international businesses across diverse sectors was conducted and analyzed using binary logistic regression techniques via Python. More than half of these businesses are significant counterparts of BRICS, especially with China, but trades are transacted in USD, though almost all reported that they are exposed to foreign currency risk. The majority are willing to adopt a BRICS-backed currency, mostly because they want to mitigate the effects of U.S. economic policies and USD fluctuations. Companies that do most of their business with China are more than twice as likely to accept the proposed BRICS-backed currency. Malaysian traders see a BRICS-backed currency as a useful tool for risk reduction. Established trade networks and building a new accessible and effective currency are driving the progress of de-dollarization. Policymakers should focus on traders' real adoption decisions that shape the growth of an alternative financial framework. Companies linked to China are likely to be the first to do so.