RBI Pitches BRICS CBDC Linkage for Cross-Border Payments
Why in the news
The central bank advised the government to push for interoperable digital currencies among BRICS members to ease cross-border payments.
Key facts
- Aims: smooth transactions, interoperable payment systems, wider use of the e-Rupee, without targeting de-dollarisation.
- Focus: trade finance and tourism payments; possible talks on governance, settlement and bilateral forex swaps.
- Builds on the 2025 Rio declaration favouring interoperable payment systems.
| Country | CBDC | Status |
|---|---|---|
| China | Digital Yuan (e-CNY) | Most advanced |
| India | Digital Rupee (e₹) | Wholesale and retail pilots |
| Brazil | Digital Real (Drex) | Pilot underway |
| Russia | Digital Ruble | Cross-border focus |
| South Africa | CBDC pilot | Interbank settlement |
Exam angle
- It is a network of national CBDCs, not one BRICS currency.
- e-Rupee features: offline payments, programmable subsidy transfers, fintech wallets.