I feel that there may be a misunderstanding on how you understand the BRICS digital currency to be implemented. I'll address your comment point-by-point:
0. The statement that commercial banks create more money that private banks is misleading. Since 2000, The U.S. government debt grew by about $25+ trillion from 2000 to 2023. Commercial bank loans increased by about $7+ trillion in the same period. Governments resort to the central banking entity directly for the issuance of debt through securities. I am citing the USD data, as it's available in detail and clarity directly from the government sources, like FRED.
1. You are describing a part of to the process by which the money supply increases, which indeed can be done by commercial banks. This is what happens when one gets a loan for a property or kickstart your business. While this is true, I don't understand how it goes against anything in the article. You appear to downplay the fact that the *commercial banks have to strictly abide by the rules set in place by the central bank*, namely on topics like overnight exchange rates, the minimum reserve factor to kept at the central bank, and the eventual premium on those reserves. For example, in the EU we've had negative central bank interest rates for a long time, until recently. This meant that commercial banks were incentivized to loan the money out instead of keeping it stored. In the US, commercial banks were incentivized to purchase government debt securities, like bonds, by not having to take a "haircut" on their value. As such, the commercial banks can be seen as a direct extension of a central bank.
2. It is incorrect to say that the Central Bank "does NOT have direct control or the money supply", and you appear to contradict this assertion when in the next sentence when say that "the central bank attempts to influence the money supply through interest rates". Central bank is the entity that influences the money supply the most, as I've described in the previous point. If you disagree, please explain the correlation between the money supply (e.g. M2), and the central bank interest rates. FRED has this data accessible in an easy to understand manner: https://fred.stlouisfed.org/
3. I'm not sure how far along you've got in the article, or how familiar you are with Automated Market Makers (AMM), but the dynamic supply can be implemented without having a central bank in a traditional sense, as it can all be controlled by a smart contract. In the formula `M = ForT + FDI + PI + ForEx + G&EX + InterSec + Der + ForDeposit + EuroCurrency + MTransfer + Etc`, every argument is a financial derivative, and a smart-contract blockchain + ZKP is the perfect way to concretize them.
4. If by "the issuer has direct control over the money supply" you are refer to the smart contract issuing the currency, then you are correct! A point that you may be missing is that *nobody can influence this process, beyond what is encoded in the code of the smart contract*. If the smart contract has a rule where some "magic entity" can create supply at will, then of course that entity will have full and direct influence on the supply. But this is neither what the article proposes, nor how the BRICS currency is being designed.
Let me know if some parts were unclear. Looking forward to continue this discussion.