India to push for Brics central bank digital currency interconnection at September summit
Indian officials state they intend to lobby for the linkage of Central Bank Digital Currencies (CBDCs) among Brics nations during a leadership meeting in New Delhi on September 12 and 13.
Two sources familiar with the discussions stated that India will press for the interconnection of Central Bank Digital Currencies (CBDCs) between Brics countries to facilitate cross-border payments. These sources highlighted potential political and technical obstacles that may limit progress. The plan forms part of the agenda for the upcoming leaders' meeting scheduled for September 12 and 13 in New Delhi, where India holds the presidency this year. In January, Reuters reported that the Reserve Bank of India (RBI) proposed integrating digital currencies to simplify international trade. The Brics group consists of Brazil, Russia, India, China, and South Africa, alongside Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates. Officials noted that limited global adoption of digital currencies could complicate implementation. Ministry officials from India's Foreign Affairs and Finance ministries, as well as the RBI, did not respond to requests for comment.
