India will push BRICS members to expand the use of central bank digital currencies for cross-border payments, while avoiding support for a unified payment network that could be viewed as a challenge to the dollar.
With India holding the BRICS rotating presidency this year, Prime Minister Modi favors using CBDCs to settle bilateral trade among member countries. A deal on a single BRICS payment and settlement system is unlikely at the leaders’ summit in New Delhi this weekend, people familiar with the matter said.
India Favors CBDCs for BRICS Cross-Border Payments
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