BRICS examines payment and digital currency integration

BRICS countries are currently exploring the integration of instant payment systems and digital currencies issued by their central banks, aiming to reduce cross-border payment costs and promote the use of local currencies in international trade. The Governor of the Indian Reserve Bank stated that discussions are still in the early stages and include options such as linking central bank digital currencies (CBDCs) and national payment systems. This initiative is part of BRICS’ efforts to expand financial cooperation and facilitate international settlements, while continuing to work on internationalizing the Indian rupee and encouraging reliance on local currencies for cross-border transactions.

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