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Fintech Cross-border payments among emerging economies are back in focus, and India wants digital currencies to play a bigger role in fixing what it sees as a slow and costly system. Behind closed doors, the Reserve Bank of India has floated an idea that would allow central bank digital currencies issued by BRICS nations to work together for everyday international payments. People familiar with the discussions say the concept could be formally raised at the 2026 BRICS summit, which India is set to host. Key Takeaways India’s central bank is exploring ways to link BRICS digital currencies for cross-border payments. The idea could be discussed at the 2026 BRICS summit hosted by India, but talks remain early. The focus is on payment efficiency and interoperability, not creating a BRICS currency or replacing the US dollar. A practical payments problem, not a new currency The proposal is not about creating a single BRICS currency. Instead, it focuses on interoperability – allowing existing digital currencies to connect so money can move more directly between member states for trade and tourism. Within the BRICS group, cross-border transactions still rely heavily on traditional correspondent banking networks. These systems are slow, expensive, and often routed through third currencies. Linking CBDCs could reduce settlement times and costs without rewriting the global financial order. If adopted, it would mark the first time BRICS formally explores CBDCs as a shared payments tool, even though several members already run advanced digital currency pilots at home. India’s digital currency ambitions For India, the idea fits neatly into its broader digital finance strategy. The country’s e-rupee has already been rolled out domestically and gained millions of users through pilot programs. The RBI has repeatedly hinted that the next phase involves pushing the digital rupee beyond national borders. Connecting it with other…

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Filed under: News - @ January 19, 2026 11:16 pm