If the recommendation is accepted, a proposal to link the digital currencies of BRICS members would be put forward for the first time. The RBI, India's central government and the central banks of China, Brazil, and Russia did not respond to emails seeking comment. The RBI's proposal to link BRICS' CBDCs for cross-border trade finance and tourism has not been previously reported. While none of the BRICS members have fully launched their digital currencies, all five main members have been running pilot projects. India fears widespread stablecoin use could fragment national payments and weaken its digital payments ecosystem, Reuters reported in September.

Source: The Telegraph January 19, 2026 09:03 UTC