India to Push BRICS Digital Currency Link Despite Hurdles, Sources Say
The plan would link official digital currencies across BRICS countries to speed payments, but analysts say political and technical hurdles remain.
- India is pushing to link central bank digital currencies across BRICS nations for cross-border payments at the bloc's summit in New Delhi on September 12 to 13.
- The Reserve Bank of India proposal builds on the 2025 Rio de Janeiro declaration, which pushed for payment interoperability to make cross-border transactions more efficient rather than replacing the dollar.
- Strained relations between members like Iran and the UAE remain a sticking point, while India also remains cautious about deepening financial connectivity with China due to national security concerns.
- Currency-Swap arrangements are required to manage trade imbalances before any digital linkage becomes operational, as BRICS struggles to integrate financial infrastructure across its diverse membership.
- Previous attempts at shared payment mechanisms have made little headway, and President Donald Trump has warned the bloc against bypassing the dollar by threatening high tariffs.
21 Articles
21 Articles
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India is pressing to interconnect the digital central bank currencies (CBDCs) between the Brics nations for cross-border payments during a summit this week, despite the political and technical obstacles that may limit progress, said two sources familiar with the discussions. Exclusive material for subscribers. To have full access, access the link of the subject and register.
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