BRICS Nations Discuss Linking Payment Systems and CBDCs to Cut Costs

TLDR

• BRICS nations are considering linking fast payment systems and CBDCs to lower cross-border transaction costs.
• RBI Governor Sanjay Malhotra said discussions remain at an early stage with several options under review.
• India plans to promote the rupee and local currencies for cross-border trade and payments.
• Technical, regulatory, and governance issues must be addressed before any BRICS payment links are implemented.
• The RBI also urged Indian banks to strengthen AI governance while balancing innovation with financial system safety.

BRICS nations are discussing ways to connect their fast payment systems and central bank digital currencies as members seek to reduce the cost of cross-border transactions.

Reserve Bank of India Governor Sanjay Malhotra said the discussions include possible links between fast payment networks and central bank digital currencies, although no final framework has been agreed.

Speaking in Mumbai on Tuesday, Malhotra said “various options are on the table” as BRICS members examine ways to improve cross-border payments. The discussions come as India prepares to host the 2026 BRICS summit.

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