RBI Proposes Linking BRICS Digital Currencies for Trade Payments
The Reserve Bank of India has proposed linking the central bank digital currencies (CBDCs) of BRICS nations to facilitate cross-border trade and tourism payments. This recommendation is set to be discussed at the upcoming BRICS summit in 2026, which India will host. Currently, all five main BRICS members—Brazil, Russia, India, China, and South Africa—are conducting pilot projects for their digital currencies. The RBI's initiative aims to enhance interoperability among member payment systems, building on a 2025 declaration. While the proposal seeks to reduce reliance on the U.S. dollar, it faces challenges such as technological consensus and governance rules. Previous attempts at local currency trade between Russia and India encountered obstacles, highlighting the complexities of implementing such a system.
Published 12 hours ago • 19 Jan 2026, 07:23 PM IST