India is pushing for a digital currency network linking BRICS economies, a move that could give African members South Africa, Egypt and Ethiopia a new route for cross-border payments and trade.
The proposal by India’s Reserve Bank would link the official central bank digital currencies of BRICS members, allowing them to be used more easily for international transactions.
The plan is expected to feature at the BRICS leaders’ summit in New Delhi on September 12 and 13, according to Reuters.
For Africa, the proposal is significant because three of the continent’s major economies are now part of the expanded BRICS grouping alongside Brazil, Russia, India, China, Indonesia, Iran, Saudi Arabia and the UAE.
What the digital payment plan could mean for Africa
