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The BRICS CBDC debate has moved closer to the policy front line after India’s central bank recommended that member states explore linking their official digital currencies, a step that could reshape cross-border trade and tourism payments.
The proposal, reported by Reuters on Monday, would be tabled at the 2026 BRICS summit, which India is scheduled to host, marking the first time a BRICS CBDC link-up could be discussed as a formal agenda item. The move comes as geopolitical tensions rise, payment infrastructure becomes increasingly strategic, and countries seek alternatives to traditional dollar-dominated rails.
The Reserve Bank of India (RBI) believes that a coordinated BRICS CBDC framework could reduce costs, improve settlement speed, and strengthen financial autonomy among Brazil, Russia, India, China, and South Africa. While none of the bloc’s members has fully launched a central bank digital currency, ongoing pilot programs suggest a shared interest in tokenized state money as a future payment tool.
According to Reuters, the RBI has advised India’s government to place a BRICS CBDC connectivity proposal on the agenda for the 2026 summit. If approved by New Delhi, the proposal would formally invite member states to consider interoperable CBDC systems for cross-border use.
The recommendation builds on language from the 2025 BRICS declaration in Rio de Janeiro, where leaders expressed support for greater interoperability between national payment systems. A BRICS CBDC network would extend that ambition into the digital currency space, potentially allowing direct settlement between central bank-issued tokens.
For India, the proposal aligns with its broader digital payments strategy. The RBI has already indicated interest in linking the digital rupee with other CBDCs to streamline cross-border payments and expand the rupee’s usage internationally. At the same time, it has emphasized that the BRICS CBDC discussion is not explicitly aimed at de-dollarisation, but rather at efficiency and resilience.
Payments infrastructure has become a geopolitical flashpoint, and the BRICS CBDC proposal is unlikely to escape scrutiny from Washington. Reuters noted that U.S. President Donald Trump has previously described the BRICS bloc as “anti-American” and has threatened tariffs on member countries, underscoring the political sensitivity surrounding alternative payment rails.
Against this backdrop, a BRICS CBDC framework would land in an already crowded debate over who controls the future of money movement. State-issued digital currencies and privately issued stablecoins are increasingly competing over speed, cost, and regulatory oversight.
The RBI’s position reflects this strategic context. By advocating a regulated BRICS CBDC pathway, India appears intent on ensuring that central banks, rather than private issuers, remain at the core of cross-border settlement infrastructure. Officials see CBDCs as a way to preserve monetary sovereignty while modernizing payments.
Despite the policy momentum, significant groundwork remains before any BRICS CBDC bridge becomes operational. None of the five core members has fully launched a CBDC, and all are still running pilot programs. India’s e-rupee pilot, launched in December 2022, has reached around 7 million retail users, making it one of the more advanced trials within the bloc.
Execution challenges mirror those faced by private crypto projects: shared technical standards, clear governance frameworks, and mechanisms to settle trade imbalances. One option reportedly under discussion involves bilateral foreign exchange swap arrangements between central banks, which could support a BRICS CBDC settlement layer.
Trade imbalances are a real concern. Reuters highlighted earlier efforts by Russia and India to expand local-currency trade, which ran into difficulties after Russia accumulated large rupee balances with limited avenues for use. To address the issue, the RBI allowed those balances to be invested in Indian government bonds, illustrating the complexities a BRICS CBDC system would need to manage.
India continues to frame its CBDC strategy as a counterweight to the rapid growth of private stablecoins. The RBI has repeatedly warned that widespread stablecoin adoption could undermine financial stability and public trust in money if left unchecked.
From the central bank’s perspective, a BRICS CBDC network offers a regulated alternative that combines digital efficiency with sovereign oversight. While stablecoins have demonstrated the demand for fast, low-cost cross-border payments, policymakers remain wary of ceding control over monetary infrastructure to private entities.
As discussions head toward the 2026 summit, the BRICS CBDC proposal encapsulates a broader shift in global finance: a search for new payment architectures that balance efficiency, sovereignty, and geopolitical realities.
Whether the bloc can translate pilot programs and political intent into a functioning network remains uncertain, but the issue is now firmly on the agenda.
