New Delhi could propose a discussion on connecting members’ digital currencies at the group’s 2026 summit
India’s central bank, the Reserve Bank of India, has proposed linking BRICS digital currencies to facilitate easier cross-border tourism payments, Reuters reported on Monday.
The move could reduce reliance on the US dollar as geopolitical tensions rise, the news agency said, citing two unnamed sources. India assumed the BRICS presidency in 2026 and will host the group’s summit later this year.
India’s digital currency, the e-rupee, has attracted 7 million retail users since its December 2022 launch, according to the report. China has vowed to boost the international use of the digital yuan.
US President Donald Trump had warned last year that any attempt by BRICS to challenge the US dollar would be met with harsh economic measures. BRICS members targeted by Trump’s latest sanctions, such as India and Brazil, have said they will protect their domestic interests.
Settling trade in national currencies offers BRICS countries a reliable alternative to the Western financial institutions, Russia has said.
National currencies made up 65% of BRICS trade in 2024, with the dollar and euro falling below 30%, according to figures cited by Russia’s Finance Ministry.
Bilateral trade between BRICS members Russia and China hit $245 billion in 2024, with nearly all transactions now conducted in rubles and yuan. Brazil had floated the idea of a common BRICS currency, but the proposal did not materialize, the report said.
BRICS was founded in 2009 by Brazil, Russia, India, and China, and later expanded to include South Africa. It has expanded recently with new members such as the United Arab Emirates, Iran, and Indonesia.
Trump’s tariffs and warnings aimed at countries aligning with BRICS have prompted enhanced cooperation between India, Russia, and China, the report said
