India Proposes Interconnected CBDC System for BRICS Nations

India Pushes for BRICS CBDC Interconnection

According to sources, the Reserve Bank of India (RBI) is championing a new initiative to link central bank digital currencies (CBDCs) among BRICS nations. The goal is to streamline cross-border transactions, trade, and tourism, with plans to propose the idea at the BRICS summit hosted by India in 2026.

Reducing Reliance on the US Dollar

One of the key objectives of this proposal is to diminish the dominance of the US dollar in international trade. With interconnected CBDC systems, countries can conduct transactions more efficiently and reduce dependency on foreign currencies.

First BRICS CBDC Link Attempt

• Member countries include Brazil, Russia, India, and South Africa
• New participants such as UAE, Iran, and Indonesia will also be involved in discussions

This marks the first coordinated attempt by BRICS nations to establish a digital currency network, signaling a significant shift in global financial dynamics.