Mumbai, India | 19 January 2026
Financial policy discussions among BRICS member state institutions in mid-January 2026 included a formal proposal to develop an interconnected platform for Central Bank Digital Currencies (CBDCs). The technical discussions were part of broader consultations under India’s BRICS presidency.
According to officials familiar with the proceedings, the proposal, advocated by the Reserve Bank of India (RBI), focused on creating technical interoperability between the digital currency systems being developed by various BRICS central banks. The stated aim is to establish a streamlined mechanism for cross-border trade transactions and financial settlements among member economies.
The discussions, which involved technical working groups from member central banks, examined regulatory harmonisation, payment system compatibility, and security protocols. A key objective identified was to reduce the cost and time associated with traditional cross-border payments by leveraging shared digital currency infrastructure.
An official from the RBI indicated that the proposal seeks to build upon the domestic CBDC pilots already underway in several BRICS nations, including India’s digital rupee. The concept has been suggested for inclusion in the formal agenda for the 2026 BRICS Leaders’ Summit, where political endorsement for further development could be sought.
Finance authorities from other member states are conducting their own internal reviews of the technical and policy implications. Brazilian and Chinese central bank representatives confirmed their participation in the exploratory talks, emphasising the preliminary and consensus-driven nature of the BRICS financial cooperation process.
No implementation timetable or binding agreement was announced. The proposal remains under technical review, with further expert-level meetings expected throughout the year.
References:
- Reuters. “Exclusive: India proposes BRICS common platform for central bank digital currencies.” reuters.com, 19 Jan. 2026, https://www.reuters.com/world/india/indias-central-bank-proposes-linking-brics-digital-currencies-sources-say-2026-01-19/.
