Overview
- Reuters reports that India’s central bank has recommended BRICS connect their central bank digital currencies and asked to place the idea on the 2026 summit agenda it will host.
- The plan targets direct settlement for trade and tourism payments to cut costs and delays that stem from dollar-routed correspondent banking.
- None of the five founding BRICS members has fully launched a retail CBDC, though pilots are active and India cites about 7 million e-rupee users since December 2022.
- Key hurdles include interoperable technical standards, shared governance, and managing trade imbalances, with bilateral FX swap lines floated for periodic settlement.
- The effort may draw U.S. scrutiny after President Donald Trump called BRICS “anti-American” and threatened tariffs, while the RBI says its objective is not de-dollarisation.