BRICS Digital Currency Plan: RBI Proposes Cross-Border CBDC Link for Member Nations

The Reserve Bank of India (RBI) has put forward a significant proposal to establish a digital currency link among the BRICS nations. This initiative aims to create a unified platform for cross-border transactions using Central Bank Digital Currencies (CBDCs). The plan seeks to reduce dependency on traditional global financial systems, lower transaction costs, and enhance settlement efficiency for international trade between Brazil, Russia, India, China, and South Africa. The RBI's move highlights the growing momentum within the bloc to develop alternative financial infrastructure and could accelerate the global adoption of CBDCs.