BRICS Nations Discuss Linking Payment Systems and CBDCs, RBI Chief Says
The RBI wants to cut cross-border payment costs and keep promoting the rupee as BRICS members weigh CBDC and fast-payment links.
- On Tuesday, India Governor Sanjay Malhotra announced that BRICS nations are currently discussing potential linkages between their respective fast payment systems and central bank digital currencies to reduce transaction costs.
- The Reserve Bank recommended including the digital currency connection proposal on the 2026 summit agenda earlier this year as the host nation prepares for the annual gathering.
- Regarding the strategy, Malhotra stated, "Various options are on the table," adding that the central bank continues efforts to internationalize the rupee for trade.
- Turning to technology, Malhotra urged lenders to inventory all AI models and establish board-approved policies, stating, "...Indian banks cannot afford to sit on the sidelines and watch."
- Balancing progress with security, Malhotra emphasized that "innovation and safety are not opposing goals; they are in fact complementary.
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27 Articles
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BRICS discusses interlinking payment systems and digital currencies
The RBI governor says all BRICS nations are interested in cross-border payments as they offer “a lot of scope for reducing cost” BRICS nations are discussing linking their payment systems and central bank digital currencies (CBDCs) as they explore ways to reduce the costs and increase the speed of cross-border payments, Reserve Bank of India...
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BRICS nations discuss linking payment systems and CBDCs, RBI chief says
MUMBAI, Aug 11 (Reuters) - Members of the BRICS group of nations are discussing potential linkages between their respective fast payment systems and central bank digital currencies, Reserve Bank of India Governor Sanjay Malhotra said at an event on T...
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