RBI Pushes for BRICS CBDC Interconnection, 2026 Summit May Attempt Cross-Border Settlement "De-Dollarization"

Odaily News: The Reserve Bank of India (RBI) is advancing a plan to interconnect Central Bank Digital Currencies (CBDCs) among BRICS nations, aiming to streamline cross-border trade and tourism while reducing the dominance of the US dollar. Sources indicate that the RBI has urged for a proposal to establish a CBDC interconnection system to be included on the agenda for the BRICS summit, which India will host in 2026. This would mark the first formal attempt by BRICS members to establish CBDC linkages. The members include Brazil, Russia, India, South Africa, as well as new members such as the UAE, Iran, and Indonesia. (Coindesk)