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A reported RBI proposal wants BRICS CBDCs linked for cross-border payments. If endorsed at the 2026 summit, it could reshape trade settlement and travel spending.
India’s central bank has reportedly advised the government to push a proposal that links BRICS central bank digital currencies (CBDCs) for smoother cross-border payments, mainly for trade and tourism, Reuters reported on January 19, 2026.
The focus is interoperability, not a single BRICS currency. The idea is to reduce frictions created by multiple intermediaries and delayed settlement windows, while giving member nations an additional payment route beyond existing rails.
The immediate issue is the high cost and complexity of cross-border payments that run through layered correspondent banking routes. Reuters reported the proposal is aimed at making BRICS trade and tourism payments easier through CBDC linkages, and that it could be placed on the agenda for the 2026 BRICS summit, which India is set to host.
The report also reiterates India’s retail CBDC scale, with the e-rupee said to have 7,000,000 retail users since its December 2022 launch.
Multiple reports point to the same thrust: link BRICS CBDCs so cross-border payments can move more directly, with fewer hops. Reuters notes the biggest operational hurdles include agreeing on interoperable tech and governance, and dealing with trade imbalances, potentially through bilateral currency swaps.
Coverage from CoinDesk and Central Banking also framed it as a connectivity plan to enable smoother settlement across BRICS corridors. The real test is whether the idea translates into everyday utility across trade and payments.
A parallel development is also shaping the context. Reuters reported on January 16, 2026 that China-led mBridge processed over $55,000,000,000 in transactions, with the digital yuan accounting for about 95% of volume, showing how quickly cross-border CBDC-style infrastructure can scale once corridors start running.
This proposal did not come from a vacuum. In the Rio de Janeiro BRICS Declaration dated July 6, 2025, leaders welcomed the “Technical Report: BRICS Cross-border Payments System” and spoke of building fast, low-cost and safer cross-border payments, including interoperability of payment systems. The current reporting positions CBDC linkage as a more ambitious step in that direction.
There is also a practical lesson from earlier local-currency settlement attempts. Reuters noted that prior efforts ran into roadblocks, including Russia accumulating large rupee balances with limited ways to deploy them. That experience is one reason policymakers are looking at better-designed settlement frameworks, rather than just pushing bilateral trade invoicing.
Wider use-case for India’s e-rupee
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It also ties into a broader global push on cross-border payment modernisation. BIS-backed work like Project Dunbar explored multi-CBDC platforms for cheaper and faster cross-border payments and flagged governance and policy challenges early. Reuters separately reported on January 14, 2026 that major central banks are testing new cross-border payment platforms under BIS-led experimentation, reflecting how crowded and competitive this track has become.
On record, public confirmations are limited. Reuters reported that India’s central bank, the government, and Brazil’s central bank did not respond to queries, while CHINA’S central bank said it had no information to share, and Russia and South Africa declined comment.
On the policy line, T Rabi Sankar has publicly argued stablecoins bring risks around monetary and financial stability, and that CBDCs avoid many of those risks.
For additional context on India’s cautious posture on crypto and preference for a regulated digital rupee, LoansJagat also discussed the theme in an explainer dated October 8, 2025.
The reported BRICS CBDC-link proposal is now a test of political appetite and technical coordination. The next real signal will be whether it gets formal space on the 2026 BRICS summit agenda.
