BRICS Digital Currency Initiative: India Proposes CBDC Linkage to Reduce Dollar Dependency

Source: नवभारत टाइम्स | Original Published At: 2026-01-19 10:58:23 UTC

Key Points

• RBI proposes linking BRICS countries' central bank digital currencies (CBDCs) to facilitate cheaper, faster international payments.
• The initiative aims to reduce dependency on the US dollar for trade and tourism transactions among BRICS nations.
• Proposal will be included in the 2026 BRICS summit agenda, marking the first formal discussion on member-state CBDC interoperability.
• BRICS members (India, Russia, China, Brazil, South Africa) and partners like UAE/Iran already exploring CBDC pilot projects.
• Potential geopolitical implications as the plan could challenge dollar dominance and face opposition from the United States.