India pushes for national digital currency links at BRICS summit, rejects single bloc network
The Reserve Bank of India Governor Sanjay Malhotra stated BRICS members are examining digital currency links while India avoids backing a unified payments system.
India is preparing to propose connecting central bank digital currencies for cross-border payments within the BRICS group. As the current chair, New Delhi plans to bring this issue to the leaders' summit scheduled for September 12 and 13 in New Delhi. Reserve Bank of India Governor Sanjay Malhotra explained that member nations are currently exploring how to link their fast-payment systems with central bank digital currencies. A payments task force is analyzing different options to reduce transaction costs and speed up settlement for trade, tourism, and remittance flows. Malhotra emphasized that talks remain at an exploratory stage and no specific model has been finalized. The Indian proposal focuses on creating interoperable national systems rather than establishing a single shared currency or centrally controlled architecture. Officials highlight efficiency, lower fees, and the use of sovereign currencies as key benefits. This approach distinguishes the initiative from plans to displace the US dollar. While Russia and some members advocate for stronger alternatives to Western channels, India has ruled out supporting a unified BRICS payments structure.
