BRICS Nations Explore Integration of Central Bank Digital Currencies and Payment Systems, Says RBI Governor

cryptonews.ruPublished on 2026-08-11Last updated on 2026-08-11

Abstract

BRICS nations are exploring plans to integrate their central bank digital currencies (CBDCs) and fast payment systems, aiming to reduce the costs of cross-border money transfers within the bloc, stated Reserve Bank of India (RBI) Governor Sanjay Malhotra. He emphasized that cheaper cross-border payments are a shared priority, but noted discussions are at a very early stage, with various options under consideration. Linking the CBDCs of member countries could enable more direct and simplified payments by eliminating intermediary steps. This mechanism would leverage existing domestic channels to expedite international transfers for consumers and businesses, while also expanding the reach of currencies like the Indian rupee. India is actively pushing for the internationalization of the rupee and promoting the use of local currencies in trade. The RBI has reportedly asked the government to include the topic of linking CBDCs on the agenda for the 2026 BRICS summit, which India will host. Separately, Governor Malhotra also urged Indian financial institutions to catalog their AI models and implement board-approved AI governance policies.

BRICS members are exploring plans to link their Central Bank Digital Currencies (CBDCs) and fast payment systems, which could reduce the cost of transferring money between the bloc's economies, Reserve Bank of India Governor Sanjay Malhotra said on Tuesday.

Malhotra spoke at an event in Mumbai, naming cross-border remittances as a priority the group keeps returning to. However, he cautioned that the talks are at a very early stage. "Various options are being looked at, but they are still at a discussion stage, including central bank digital currencies (CBDCs) and integration of fast payment systems," he said.

The governor stated the reason for this focus is cost savings: "Cross-border payments are of interest to all of us, including the BRICS nations, because we feel there is great scope to reduce costs here."

Why Linking BRICS Nations' CBDCs Could Reduce Costs

Central Bank Digital Currencies (CBDCs) are digital forms of countries' official currencies, issued directly by their central banks. Creating a channel between these currencies would allow payments to be made in a more direct and simpler way between countries. This would remove the intermediaries money typically passes through and lower the cost of each transfer.

A payment mechanism using linked CBDCs would function differently, but its goal is to speed up the transfer of money abroad for consumers and businesses through already existing domestic channels. These channels would also expand the reach of the Indian rupee.

India Aims for Rupee Internationalization

RBI Governor Malhotra said the central bank will continue to work on internationalizing the rupee and promoting local currencies for trade and payments across borders. India is hosting the BRICS summit this year, an annual event bringing together the five countries: Brazil, Russia, India, China, and South Africa.

Earlier, the Reserve Bank of India had asked the Indian government to include a proposal on linking Central Bank Digital Currencies (CBDCs) on the summit's agenda in early 2026. The country's drive to internationalize its currency is one of the main reasons for pushing forward with efforts to link CBDCs within BRICS.

The governor also spoke at the event about Indian banks and financial institutions and their use of artificial intelligence. He urged them to catalog all AI models already operating in their institutions and to adopt an AI governance policy approved by their boards.

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Related Questions

QWhat initiative are BRICS countries studying according to the governor of the Reserve Bank of India?

ABRICS countries are studying plans to link their Central Bank Digital Currencies (CBDCs) and fast payment systems.

QWhat is one of the main goals mentioned for linking BRICS CBDCs and payment systems?

AThe main goal is to reduce the cost of cross-border money transfers between the economies of the bloc.

QAccording to Governor Sanjay Malhotra, what is the current stage of negotiations on linking CBDCs?

AThe negotiations are at a very early stage and various options are still under discussion.

QHow could a mechanism using linked Central Bank Digital Currencies potentially work for cross-border payments?

AIt would allow payments to be made in a more direct and simple way between countries, using already established domestic channels, potentially eliminating intermediaries and speeding up transfers.

QWhat is one of India's key motivations for pursuing the linking of CBDCs within BRICS?

AA key motivation for India is the internationalization of the Indian rupee and promoting local currencies for cross-border trade and payments.

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