Adding to its global digital transactions push, India has reportedly proposed that BRICS countries link their official digital currencies. A unified digital currency would aid in cross-border trade and travel payments between the member countries, Reuters reported citing unnamed sources. As per the report, the RBI has recommended that the five member countries of the coalition — Brazil, Russia, India, China and South Africa — connect their central bank digital currencies (CBDCs), pushing for it to be proposed during the upcoming 2026 BRICS summit set to be held in India. The idea for a unified CBDC was first floated during last year’s BRICS summit held in Brazil’s Rio de Janeiro, as per Reuters. Back then, member states had collectively declared that interoperability between the payment systems of member countries would simplify cross-border transactions, making them more efficient and business friendly. It should be noted that none of the five countries have fully operating CBDCs but have pilot projects running at different stages of development and adoption. However, the introduction of a unified CBDC could open up use cases for the digital rupee and bolster the currency’s global usage. The e-rupee has amassed around 7 Mn retail users since launching in… Read MoreInc42 Media
