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Caixin: Reserve Bank of India Proposes Advancing 'BRICS Digital Currency Interoperability', Plans to Use a Consortium Blockchain to Build Cross-Border Settlement 'Bridge'

2 hours ago

Feb 3 – Caixin reports that India’s Reserve Bank, as BRICS’ rotating chair, has formally proposed establishing a “BRICS Digital Currency Interoperability” system. The plan would use blockchain to build a cross-border settlement network that bypasses the U.S. dollar and directly links the payment systems of BRICS nations. The proposal does not call for issuing a new “BRICS Coin.” Instead, it’s a practical interoperable platform or settlement bridge, likely built on a permissioned blockchain (consortium chain) framework. Member nations’ central banks would act as validating nodes to maintain a distributed ledger. This setup aims to boost cross-border settlement efficiency and transparency while upholding national sovereignty.
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