India, China, Russia Push Dollar Alternative; What Is BRICS’s New Plan?

Source: Live Hindustan | Original Published At: 2026-09-10 07:23:38 UTC

Key Points

• India is hosting a BRICS summit in New Delhi, with leaders of the 11 member countries expected to attend.
• According to a Bloomberg report, India will advocate promoting the use of central bank digital currencies among BRICS members for cross-border payments.
• India is not backing a unified BRICS payment network framed as an alternative to the U.S. dollar or SWIFT, to avoid being seen as an anti-U.S. bloc.
• The proposed model would connect India's e-Rupee, China's digital yuan, and Russia's digital ruble through a shared technical platform.
• Each participating country would retain control over its own currency, while bilateral digital currency connectivity would ease trade settlements.
• The system is described as using a settlement cycle that nets import and export values, reducing the need for full transaction payments and lowering costs.
• India's UPI digital payment model is cited as a basis for linking BRICS members' payment systems.