India’s central bank has put forward a proposal to explore linking digital currencies issued by BRICS nations to improve cross-border payments for trade and tourism. The idea, according to people familiar with the matter, is expected to be discussed at a future BRICS summit that India is scheduled to host.
The initiative focuses on central bank digital currency (CBDC) interoperability, allowing transactions between member countries to be settled more efficiently. The aim is to reduce costs, delays, and operational friction in cross-border payments, particularly for trade-related settlements and tourist spending.
If taken forward, this would represent the first structured discussion within BRICS on connecting sovereign digital currencies rather than creating a single shared currency. The proposal builds on earlier efforts by the bloc to enhance payment cooperation and modernize settlement systems.
For India, the move supports its broader strategy to expand the international use of the e-rupee, which has already gained millions of users domestically. Linking the e-rupee with other BRICS CBDCs could shorten settlement times and improve transparency in cross-border transactions.
Officials have stressed that the discussions remain at an early stage. Any progress would depend on agreements around technology standards, governance frameworks, and settlement mechanisms. Importantly, BRICS members have consistently stated that such initiatives are focused on efficiency, not on replacing the US dollar or launching a rival reserve currency.
The proposal reflects a growing global interest among emerging economies in modernizing payment infrastructure through digital sovereign money.
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