Overview
- The RBI has recommended putting a plan to connect BRICS central bank digital currencies on the agenda of the 2026 summit India will host, according to Reuters, with no formal confirmation from central banks or governments.
- The proposed linkage targets cheaper, faster trade and tourism payments with less reliance on the dollar, a direction likely to draw U.S. scrutiny after President Donald Trump labeled BRICS “anti-American” and threatened tariffs.
- The idea extends a 2025 BRICS declaration that urged interoperability between members’ payment systems to improve cross-border efficiency.
- None of the core BRICS members has fully launched a retail CBDC, though pilots are underway and India’s e-rupee counts about seven million users with features such as offline payments, subsidy programmability and fintech wallet access.
- Key hurdles cited include interoperable technology standards, governance arrangements and managing trade imbalances, with options under discussion such as bilateral FX swap lines informed by past rupee balance build-ups in India–Russia trade.