India's central bank has suggested that BRICS member countries link their official digital currencies to simplify cross-border trade and travel payments, Reuters reported, citing sources.
This could reduce dependence on the dollar amid rising geopolitical tensions.
The Reserve Bank of India has recommended that the government include a proposal to link central bank digital currencies on the agenda of the BRICS summit, which will be held under India's presidency in 2026.
The creation of the BRICS payment system was previously discussed at the BRICS summit held in Rio de Janeiro in July. In the final declaration, the meeting participants called for continuing work on developing cross-border payments and payment systems within the group.
According to the source, work on this proposal could be delayed by the group members’ reluctance to use other countries’ technology platforms. Making concrete progress will require consensus on technological and regulatory issues. One idea being considered to manage potential trade imbalances is using bilateral currency swap agreements between central banks, the sources said.
BRICS Pay is a proposed cross-border digital payment system being developed by the BRICS member countries to strengthen financial sovereignty and reduce dependence on the dollar. This initiative aims to create an alternative global payment infrastructure that operates independently of Western-controlled mechanisms such as SWIFT and dollar clearing systems. Rather than creating a single common currency, BRICS Pay is envisioned as a digital “unifying element“, allowing direct payments in national currencies or future central bank digital currencies.
The system is designed to reduce vulnerability to external shocks, asset freezes, and political pressure. Unlike existing systems with concentrated power, BRICS Pay is expected to operate under a model of shared oversight and decision-making to ensure neutrality among its various members.