India’s Central Bank Advocates for BRICS Digital Currency Network

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India’s central bank, the Reserve Bank of India, has proposed an initiative to interconnect the digital currencies of BRICS nations. The plan is designed to streamline payments for cross-border trade and tourism within the economic bloc.

According to a Reuters report citing two anonymous sources, the recommendation would put the issue of Central Bank Digital Currency interoperability on the formal agenda for the 2026 BRICS summit. India is scheduled to host that meeting.

The report states this proposal would mark the first formal consideration of CBDCs within the BRICS group, which comprises Brazil, Russia, India, China, and South Africa. The plan, however, requires approval from the Indian government and partner nations.

While the initiative aims to lower costs and friction in international payments, sources indicated discussions are preliminary. Any implementation would hinge on complex agreements regarding technology standards, governance frameworks, and settlement procedures.