Sources said India will push BRICS members to expand use of central bank digital
currencies (CBDCs) for cross-border payments but will not back a unified
payments network that could be viewed as challenging the dollar. As this year’s
BRICS rotating chair, Prime Minister Modi prefers CBDC-settled bilateral trade
between members. Sources said this weekend’s leaders’ summit in New Delhi is
unlikely to agree on a single BRICS payment settlement system.