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.

2026-09-10

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.