- The BRICS 2026 summit in New Delhi will spotlight a CBDC payment bridge to settle trade in local currencies.
- The Reserve Bank of India (RBI) proposed the multi-CBDC link to bypass the US dollar as an intermediary.
- India aims to internationalize the rupee, with progress on special Vostro accounts supporting the CBDC push.
The Narendra Modi-led government will likely keep discussions on the digital currency (CBDC) payment link as a key talking point at the upcoming BRICS 2026 summit in New Delhi, according to a report from South Africa’s IOL. The 18th summit, scheduled for September 12-13, will be closely watched by the West, especially the US under President Donald Trump.
The Reserve Bank of India (RBI) previously proposed building a digital CBDC payment bridge in local currencies among BRICS nations. This topic could be the center of discussion and tabled at the summit. “This is precisely why the payment-system interconnectivity proposal, tabled by India, has taken on such urgent weight,” the report stated. It added that a multi-CBDC bridge would allow direct settlements, bypassing the dollar as an intermediary.
The RBI’s decision on linking CBDC payments comes as India aims to internationalize the rupee. The Modi-led government has opened a number of special Vostro accounts, making it easier to pay in the rupee directly. Consequently, the success of that project led to the RBI’s judgement about CBDC currencies. Since the outbreak of the US-Iran war, developing countries are increasingly looking to cut ties with the dollar.
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