Russia, India to explore financial ties to reduce US dollar dependence
Business
India and Russia are looking to sign a free trade agreement to boost their economic partnership.
At a recent forum in Mumbai, Russian official Sergey Glazyev highlighted how both countries want to build shared financial markets, making it easier to do business together and reducing the U.S.'s grip on global money flows.
BRICScoin for settling payments between governments
To take things further, officials discussed pilot projects for national digital currencies, including something called BRICScoin for settling payments between governments.
Glazyev pointed out that these moves could help both countries play a bigger role in the world economy, especially as power shifts toward Asia with India stepping up as an innovation and manufacturing leader.