BRICS reality: China, followed by India, dominate CBDC race

Source: The Hindu Business Line | Original Published At: 2026-01-20 13:38:00 UTC

Key Points

• China leads globally with $980B CBDC transactions via mBridge system, while India's retail-driven e₹ pilot reached $111.8M in 2025
• India's BRICS chairmanship proposal for mBridge-like system aims to enable dollar-free cross-border trade settlement
• Brazil and South Africa remain in early CBDC planning stages, while Russia's e-ruble shows modest growth (57,000 transactions in 2024)
• India's retail-focused CBDC strategy contrasts with China's wholesale emphasis, creating complementary strengths for potential BRICS integration
• Global CBDC adoption expands from 35 countries in 2020 to 137 in 2025 despite US policy shifts