A proposal that sounds purely technical could expose deep divisions over trust, sanctions, and financial sovereignty before leaders even begin their September talks.
New Delhi is seeking to put the issue of linking the central bank digital currencies of BRICS member states on the summit agenda to simplify cross-border payments. India’s initiative may face political and technical obstacles that could limit its implementation.
As noted by Reuters
India is chairing BRICS this year. The group’s leaders are due to meet in New Delhi on September 12–13, 2026. The Reserve Bank of India previously proposed linking the official digital currencies of member states to make international trade faster and more convenient.
BRICS comprises Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates.
According to two sources familiar with the discussions, the digital currency proposal may be included on the agenda of the leaders’ meeting. At the same time, the limited global adoption of such currencies could complicate the launch of a joint system. The sources did not disclose their names because of the sensitivity of the issue and because they were not authorized to speak to the media.
Requests for comment sent to India’s Ministry of External Affairs, the federal Ministry of Finance, and the Reserve Bank of India went unanswered.
Political and technical obstacles
India’s initiative is based on the declaration adopted at the 2025 BRICS summit in Rio de Janeiro. The document called for interoperability among the group’s payment systems to improve the efficiency of cross-border transactions.
However, previous negotiations on creating joint payment mechanisms within BRICS produced little significant progress. This highlights the difficulty of integrating the financial infrastructure of countries with different economic models and political interests.
Tensions between some members could pose an additional challenge. In particular, the United Arab Emirates has severed financial ties with Iran, complicating the creation of a unified payment environment.
India is also cautious about deepening financial ties with China. To fully link their digital currencies, New Delhi and Beijing would need to achieve a higher level of mutual trust. Earlier, India suspended consideration of Alipay+’s proposal to connect to its instant payment system over concerns related to national security and the service’s Chinese origin.
Currency swap agreements may be needed before the joint system can begin operating. They could help address trade imbalances among BRICS countries and reduce risks when conducting mutual settlements.
The group’s countries have already considered alternatives to payments based on the U.S. dollar. One such idea was Brazil’s proposal to create a common BRICS currency, but the plan did not advance further. U.S. President Donald Trump warned the group’s countries that they could face high tariffs if they attempted to move away from the dollar.
At the same time, India is not seeking to replace the dollar. Under New Delhi’s plan, linking official digital currencies would primarily make cross-border payments simpler, faster, and more efficient.
