BRICS explores linking payment systems
BRICS countries, including India, China, Russia, Brazil, and South Africa, are exploring the integration of instant payment systems and central bank digital currencies (CBDCs) to reduce cross-border payment costs and expand the use of local currencies in international trade. The Governor of the Reserve Bank of India, Sanjay Malhotra, confirmed that this area is of interest to the group, with options such as linking CBDCs and national payment systems being considered, although discussions are still in the early stages. The aim is to lower conversion and settlement costs, promote the internationalization of the Indian rupee, and encourage the use of local currencies in cross-border transactions.
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