The Reserve Bank of India wants to link the BRICS countries’ central bank digital currencies (CBDCs) to facilitate trade and tourism among member states.
According to Reuters, India’s central bank, the Reserve Bank of India (RBI), has put forward a strategic proposal to make the BRICS countries’ central bank digital currencies interoperable, with the aim of simplifying cross-border payments in the trade and tourism sectors. The proposal could be included on the agenda of the 2026 summit, which India is set to host.
The news agency reported that, if accepted by the Indian government and BRICS partners, the proposal would mark the first time CBDCs are formally discussed within the economic bloc, which includes Brazil, Russia, India, China, and South Africa.
While the initiative is intended to reduce friction and costs in international payments, sources told Reuters that talks are still at a preliminary stage and would require agreements on technological, governance, and settlement aspects.
For India, the proposal aligns with its broader strategy to integrate its digital currency, the e-rupee, into international transaction flows. Since its launch, the e-rupee has attracted seven million users, and the RBI has publicly expressed interest in linking the e-rupee with other BRICS CBDCs to speed up settlement processes.
Officials from BRICS member states have repeatedly rejected claims that the bloc is seeking to replace the U.S. dollar or launch a rival reserve currency.
In January 2025, Russia responded to tariff threats from U.S. President Donald Trump by stating that BRICS was not pursuing an alternative to the dollar and was not planning a common currency. At the time, Kremlin spokesperson Dmitry Peskov said that cooperation within BRICS was focused on mutual investment and economic coordination. This position was later reiterated by Brazil. On May 19, Brazil’s central bank downplayed the idea that BRICS could create assets capable of rivaling the dominance of the U.S. dollar.
