The 15th BRICS summit will go down as a pivotal moment for the BRICS grouping. BRICS has made its first expansion since 2010 by inviting Argentina, Egypt, Ethiopia, Iran, the UAE and Saudi Arabia as new members. Another trending topic was the prospect of a new BRICS currency that could rival the dominance of the US dollar as the world's reserve currency. Leslie Maasdorp, vice president of the New Development Bank, says that a BRICS currency was always a long-term aspiration. However, he says that leaders have emphasized the use of local currencies. He added that they want to deepen capital markets in member countries and remove foreign exchange risks when their respective currencies depreciate.