Reuters: India’s Central Bank Proposes Linking BRICS Digital Currencies
Countries
Cooperation areas
Source: http://forklog.com/ | Original Published At: 2026-01-19 17:23:15 UTC
Key Points
- India's RBI proposed linking BRICS countries' digital currencies (CBDCs) through the BRICS Bridge platform to simplify cross-border trade and tourism payments.
- The initiative aims to reduce reliance on the US dollar, with the proposal set for discussion at India-hosted BRICS summit.
- China's e-CNY leads BRICS CBDC development, with mBridge cross-border transactions growing 2500x to $55.49 billion under central bank coordination.
- The 2025 BRICS summit declaration emphasized payment system compatibility, forming the basis for this proposal.
- Experts note mBridge's growth indicates gradual yuan internationalization but doesn't directly challenge dollar dominance yet.