India Challenges Dollar Hegemony: Proposes BRICS Digital Payment System

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Source: Newsbomb.gr | Original Published At: 2026-01-19 14:38:22 UTC

India's RBI proposes BRICS digital payment system using Central Bank Digital Currencies (CBDCs) to simplify cross-border transactions
Initiative aligns with Brazil's earlier push for BRICS common currency and 2023 Rio summit interoperability commitments
New members Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and UAE now included in expanded BRICS framework
System faces technical challenges including technology interoperability and governance frameworks
US expresses potential opposition due to dollar bypass concerns and Trump's previous 'anti-American' characterization of BRICS