India Proposes BRICS CBDC Network for Seamless Trade Payments

The Reserve Bank of India (RBI) is advancing a plan to interconnect the central bank digital currencies (CBDCs) of BRICS nations—Brazil, Russia, India, China, and South Africa. This initiative aims to streamline cross-border payments and settlements within the bloc, leveraging a shared digital infrastructure.

RBI will present the proposal at the 2026 BRICS summit, slated for later this year in India. The discussions will mark the first formal dialogue on linking member states' digital currencies, as reported by Reuters. The system targets trade and tourism payments, promising faster settlements and cost predictability for exporters, importers, and travelers.

Linking India's digital rupee with other BRICS CBDCs could enhance its global utility, RBI noted. The MOVE is framed as a efficiency play for intra-BRICS transactions, not a challenge to the U.S. dollar's dominance. All five nations are in varying stages of CBDC experimentation, with India's e-rupee pilot already engaging millions of users.