Indian Central Bank Proposes Linking BRICS Digital Currencies for Cross-Border Payments

Source: Zonebourse.com | Original Published At: 2026-01-19 10:59:03 UTC

Key Points

• India's Reserve Bank proposed connecting BRICS central bank digital currencies (CBDCs) to facilitate cross-border trade and tourism payments.
• The initiative would be considered at the 2026 BRICS summit in India, potentially reducing reliance on the US dollar.
• Technical challenges include interoperable technology, governance rules, and mechanisms for addressing trade imbalances.
• BRICS members (India, China, Russia, Brazil, South Africa) have conducted CBDC pilot programs but not yet full launches.
• Previous BRICS currency cooperation efforts faced obstacles, including Russia's accumulation of unusable Indian rupees.