BRICS Discuss Faster Cross-Border Payments Using CBDCs as India Pushes Local-Currency Settlement
Updated
Updated · Bloomberg · Aug 11
BRICS Discuss Faster Cross-Border Payments Using CBDCs as India Pushes Local-Currency Settlement
3 articles · Updated · Bloomberg · Aug 11
Summary
BRICS nations are discussing options to speed up and cut the cost of cross-border payments, with ideas including central bank digital currencies and links between fast-payment systems.
India, which holds the BRICS presidency this year, is also working to make overseas transactions easier and cheaper while promoting settlement in local currencies with trading partners.
Sanjay Malhotra said the proposals remain at the discussion stage, signaling no immediate rollout despite the bloc’s push to improve payment infrastructure.