India Proposes Establishing a BRICS Digital Currency Interconnection System

According to Caixin, the Reserve Bank of India, as the rotating chair of BRICS, has proposed the establishment of a "BRICS Digital Currency Interconnection" system. The aim is to leverage blockchain technology to build a cross-border settlement network that bypasses the US dollar and directly connects the payment systems of BRICS countries. This system does not create a brand-new "BRICS currency," but rather serves as an interconnected platform or settlement bridge based on a permissioned blockchain. The central banks of each country will act as validator nodes, jointly maintaining a distributed ledger to record cross-border transactions.