economy
January 19, 2026
Indian central bank keen on linking BRICS digital currencies
India’s central bank has proposed connecting digital currencies as part of the agenda for the 2026 BRICS summit
TL;DR
- India's central bank proposed linking BRICS digital currencies for cross-border tourism payments.
- The move aims to reduce reliance on the US dollar as geopolitical tensions increase.
- India will host the BRICS summit in 2026 and assumed the presidency.
- India's e-rupee has attracted 7 million retail users since its December 2022 launch.
- China is committed to increasing the international use of its digital yuan.
- Russia supports settling trade in national currencies as an alternative to Western institutions.
- National currencies accounted for 65% of BRICS trade in 2024, with the dollar and euro below 30%.
- Bilateral trade between Russia and China reached $245 billion in 2024, mainly in rubles and yuan.
- BRICS, founded by Brazil, Russia, India, and China, has expanded to include South Africa, UAE, Iran, and Indonesia.
- US tariffs and warnings towards BRICS countries have fostered cooperation between India, Russia, and China.
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