RBI Proposes BRICS Digital Currency to Reduce USD Dependence

Source: Malayala Manorama | Original Published At: 2026-01-20 02:49:09 UTC

Key Points

• RBI proposes interlinking BRICS digital currencies to facilitate faster trade settlements among India, Brazil, Russia, China, and South Africa
• Initiative aims to reduce dependence on US dollar amid escalating geopolitical tensions
• India may propose the digital currency framework at the upcoming BRICS summit
• US views BRICS currency efforts as anti-American, with Trump threatening retaliatory tariffs
• Current foreign trade still heavily relies on USD, though some transactions already use Indian rupee