Chicago – January 19, 2026
India’s Reserve Bank of India (RBI) has proposed linking central bank digital currencies (CBDCs) among BRICS nations to streamline cross-border trade and tourism payments, sources familiar with the matter revealed. This initiative, aimed at reducing reliance on the U.S. dollar amid escalating geopolitical tensions, would mark the first formal BRICS proposal on CBDC interoperability if approved.
The RBI recommended including the plan in the agenda for the 2026 BRICS summit, which India will host later this year. BRICS members—Brazil, Russia, India, China, South Africa, and others—could benefit from enhanced payment efficiency, building on a 2025 Rio de Janeiro summit declaration advocating system interoperability.
Key challenges include achieving consensus on technology platforms, governance, and trade imbalance solutions like bilateral forex swaps for weekly or monthly settlements. Past Russia-India local currency trade efforts faltered due to surplus rupees, prompting RBI to allow bond investments. Despite waning global CBDC interest amid stablecoin rise, India pushes its e-rupee for security.
Sources noted member hesitancy over foreign tech could delay progress, but success might bolster the rupee’s global role without explicit de-dollarization aims.
