- Reserve Bank of India has proposed linking central bank digital currencies among BRICS to ease cross-border trade and tourism payments.
- The recommendation would be placed on the agenda for the 2026 BRICS summit that India will host, according to a Reuters report.
- If approved, the plan would be the first formal BRICS consideration of CBDC interoperability, but talks remain at an early stage.
- Progress depends on agreements on technology, governance and settlement arrangements and aims to reduce friction and cost in cross-border payments.
- BRICS officials have denied intentions to create a rival to the U.S. dollar, and Brazil-central-bank-director-says-2025-05-19/?utm_source=chatgpt.com”>Brazil’s central bank has downplayed plans for a BRICS currency.
The Reserve Bank of India has proposed linking central bank digital currencies among BRICS members to speed cross-border trade and tourism payments and cut costs, a move reported ahead of the 2026 summit that India will host. The recommendation would place CBDC interoperability on the summit agenda, according to a Reuters report, and aims to streamline settlement between the bloc’s members: Brazil, Russia, India, China and South Africa.
If the proposal wins approval from the government and BRICS partners, it would mark the first formal BRICS consideration of linking sovereign digital currencies. Sources told reporters the discussions are at an early stage and will require agreement on technology, governance and settlement arrangements before implementation.
The initiative builds on member interest in payment interoperability following the 2025 BRICS summit in Brazil, which set the stage for efforts to streamline settlement systems for trade and tourism. For India, the plan aligns with work to integrate the digital currency, the e-rupee, into international transactions; the e-rupee has gained millions of users since launch and the RBI has signaled interest in linking it with other CBDCs to speed settlement.
BRICS officials have repeatedly pushed back against claims that the bloc seeks to replace the U.S. dollar or create a common currency. In 2025, Moscow and other members said BRICS cooperation focused on mutual investment and coordination, and Brazil’s central bank also downplayed the idea of a rival reserve asset.
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