India to Push BRICS Digital Currency Link Despite Hurdles, Sources Say
The plan builds on earlier BRICS payment talks but faces limited digital currency adoption and trust gaps between member states, sources said.
- 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.
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PM Modi, China's Xi offered to mediate between Russia, Ukraine amid stalled talks: Kremlin
During their bilateral talks with President Vladimir Putin on sidelines of the BRICS Summit in New Delhi, Prime Minister Narendra Modi and Chinese President Xi Jinping have offered to mediate between Russia and Ukraine. Putin has welcomed it and briefed them about the ongoing situation.
Russian President Dmitry Pskov announced that Indian Prime Minister Narendra Modi and Chinese President Shi Jin Ping offered Russian President Vladimir Putin to help resolve the Ukrainian crisis.
Despite numerous attempts, US President Donald Trump has been unsuccessful in bringing the Ukraine war to a halt. Now, PM Modi and Xi Jinping have offered to help in this endeavor. Recently, PM Modi even told Russia that it is time to move from an endless war to an end.
The Prime Minister of India, Narendra Modi, and the President of the PRC, Xi Jinping, offered Vladimir Putin assistance in the Ukrainian settlement, and Dr. Dmitry Peskov, the spokesperson of the President of Russia, spoke on the basis of bilateral contacts in the fields of the BRICS summit in New Delhi.
New Delhi, 13 Sep. (askanews) - Indian Prime Minister Narendra Modi poses at the center, between Chinese President Xi Jinping and Russian President Vladimir Putin, in the family photo along with other world leaders on the second day of the Brics Summit in New Delhi, India. Modi and Xi would have offered to contribute to a solution to the war in Ukraine during talks with the Russian president on the sidelines of the summit. This was stated by the…
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