India is pushing to link central bank digital currencies (CBDCs) across BRICS nations for cross-border payments at a summit later this week, despite political and technical hurdles that could limit progress, two sources familiar with the discussions said.India is chairing BRICS this year, with leaders of the bloc set to meet in New Delhi on September 12 to 13. The Reserve Bank of India (RBI) proposed linking the countries' official digital currencies to facilitate cross-border trade, Reuters reported in January.
The BRICS grouping includes Brazil, Russia, India, China and South Africa, Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates.
The proposal to link CBDCs would be a part of the agenda for the leaders' meeting, the sources said, although the limited adoption of digital currencies globally could complicate implementation. They did not want to be identified due to the sensitivity of the issue and because they are not authorised to speak to media.
Emails sent to India's external affairs and federal finance ministries and the RBI were not answered.
India's proposal will build on the 2025 declaration at the BRICS summit in Rio de Janeiro, which pushed for interoperability between members' payment systems to make cross-border transactions more efficient.
