The U.S. dollar is the customary reserve currency and trade currency, influencing global finance, international trade, and cross-border investment since the time of Bretton Woods. Nevertheless, amid geopolitical tensions and the risk of over-reliance on the dollar, BRICS nations have been pushing for de-dollarisation by initiating the trading of currencies and bilateral currency swap deals in their local currencies, alongside new payment systems. This research aims to explore whether these efforts are a restricted adaptation of the current monetary system or are points of structural change in the monetary system. It answers the queries of why the BRICS countries want to de-dollarize and how different agreements on local currency can be effective in spite of these limitations to decrease the dependence on the United States dollar. This study follows a qualitative approach through secondary data provided by the academic literature, policy reports, declarations from the summit of BRICS nations and from international financial institutions. The results show that there has been growth in financial cooperation among the BRICS countries, as well as in the use of local currencies for trade, but many institutional, financial and political obstacles hinder the process of drawn-out monetisation and institutionalisation from the dollar, which keeps pointing to the need for more financial and institutional integration within the four nations.