India Wants BRICS Nations to Link Digital Currencies
India Proposes BRICS Digital Currency Link to Reduce Dollar Dependence
India’s central bank has proposed linking the digital currencies of BRICS nations – Brazil, Russia, India, China, and South Africa – to streamline cross-border payments and lessen reliance on the U.S. dollar, according to a Reuters report on Monday, january 19, 2026.
The Reserve Bank of India (RBI) recommended to the government that a proposal for connecting central bank digital currencies (CBDCs) be added to the agenda for this year’s BRICS summit, Reuters reported, citing two sources familiar with the matter.
This proposal builds upon a declaration from the 2025 BRICS summit in Rio de Janeiro, which called for greater interoperability between member nations’ payment systems to improve the efficiency of cross-border transactions.
The RBI has also indicated interest in connecting india’s digital rupee with CBDCs from other countries to accelerate cross-border transactions.
BRICS nations have been exploring alternatives to the U.S. dollar for trade and financial transactions. In 2023, the bloc agreed to explore the possibility of creating a new currency. BRICS represents over 40% of the world’s population and approximately 26% of global GDP.