India pitches BRICS digital plan for trade in local currencies
Business
India, as this year's BRICS chair, is pitching a fresh payment system so member countries can trade using their own currencies instead of always relying on the US dollar.
The plan centers on digital payments and central bank digital currencies (CBDCs) and will be up for discussion at the big BRICS summit in New Delhi on September 12-13.
RBI weighing UPI, Pix or CBDCs
The idea is to make cross-border payments easier and cheaper by connecting local systems like India's UPI and Brazil's Pix.
The Reserve Bank of India (RBI) is looking at two options: linking fast-payment networks or making CBDCs like e-rupee and digital ruble work together.
Officials say there's no new BRICS currency, just more ways to pay.
A key meeting next week will iron out details before the summit.