RBI Proposes Linking BRICS Digital Currencies to Facilitate Cross-Border Payments

India's Reserve Bank has proposed linking the central bank digital currencies (CBDCs) of BRICS nations to facilitate cross-border trade and tourism payments, aiming to reduce reliance on the US dollar amid rising geopolitical tensions. The proposal, recommended for inclusion on the 2026 BRICS summit agenda hosted by India, would be the first formal effort to interconnect BRICS digital currencies. While the initiative builds on a 2025 BRICS declaration for payment system interoperability, it has drawn potential scrutiny from the US. None of the BRICS countries have fully launched CBDCs, but pilot projects are underway.