RBI proposes linking BRICS’ digital currencies to reduce reliance on US Dollar: report

Source: CNBC TV18 | Original Published At: 2026-01-19 06:17:12 UTC

Key Points

• India's RBI proposed linking BRICS central bank digital currencies (CBDCs) for easier cross-border transactions.
• The proposal aims to reduce reliance on the US dollar and will be discussed at the 2026 BRICS summit hosted by India.
• All five main BRICS members are conducting CBDC pilot projects, with India's e-rupee having 7 million retail users.
• Technical interoperability, governance rules, and trade imbalance settlements would need consensus among members.
• The initiative could face challenges due to member hesitancy toward adopting foreign technological platforms.