India Ready To Pitch BRICS Central Bank Digital Currency (CBDC)

India is all set to pitch the idea of a central bank digital currency (CBDC) at the upcoming BRICS summit on September 12 and 13, reported the Hindu Business Line quoting a source close to the development. The Reserve Bank of India (RBI) had proposed linking the digital currencies of all member central banks for trade and transactions early in January. If the proposal goes through, the alliance could see a paradigm shift in how they settle cross-border transactions.

The source said on the condition of anonymity that finance ministers of all member nations are set to meet in early September to discuss the way forward on CBDCs. “The BRICS Finance Ministers and Central Bank Governors (FMCBG) track is expected to meet again in early September to provide greater clarity on the possible way forward on CBDC and fast payment system linkages that could be adopted at the BRICS Summit,” a source tracking the matter told Businessline.

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