India Proposes BRICS Digital Currency Linkage for Trade and Tourism Payments
Countries
Cooperation areas
Source: Reuters | Original Published At: 2026-01-19 05:42:44 UTC
Key Points
- India's RBI has recommended linking BRICS CBDCs for cross-border trade finance and tourism payments at the 2026 summit.
- Proposal aims to reduce reliance on the U.S. dollar amid rising geopolitical tensions.
- BRICS members (Brazil, Russia, India, China, South Africa) have ongoing CBDC pilot projects but face technical and regulatory challenges.
- U.S. has expressed concerns about BRICS financial initiatives, with Trump previously labeling the bloc 'anti-American.'
- Technical hurdles include interoperable technology, governance rules, and managing trade imbalances through swap arrangements.