As the BRICS approach the most important summit in their history on August 22-24 in Johannesburg, South Africa, some fundamentals need to be observed.  

The top three BRICS cooperation platforms are politics and security, finance and the economy, and culture. So the notion that a new BRICS gold-backed reserve currency will be announced at the South Africa summit is spurious. 

What is in progress, as confirmed by BRICS sherpas, is the R5: a new common payment system. The sherpas are only in the preliminary stages of discussing a new reserve currency which could be gold or commodities-based. The discussions within the Eurasia Economic Union (EAEU), led by Sergey Glazyev, by comparison, are way more advanced. 

The order of priorities is to get R5 rolling. All current BRICS currencies start with an "R": renminbi (yuan), ruble, real, rupee, and rand. R5 will allow current members to increase mutual trade by bypassing the US dollar and reducing their US dollar reserves. This is only the first of many practical steps in the long and winding road of de-dollarization.  
An expanded role for the New Development Bank (NDB) – the BRICS bank – is still being discussed. The NDB may, for instance, grant loans denominated in BRICS gold – making it a global unit of account in trade and financial transactions. BRICS exporters will then have to sell their goods against BRICS gold, instead of US dollars, as much as importers from the collective west would have to be willing to pay in BRICS gold.