Will the BRICS CBDC Network Squeeze Out India’s Private Crypto Market?

• India’s central bank has proposed linking the CBDCs of fellow BRICS nations.
• The goal is to make cross-border payments for trade and tourism easier.
• The key reason for linking is to avoid using the US dollar for international payments.

India’s central bank, the Reserve Bank of India (RBI), has proposed linking the central bank digital currencies (CBDCs) of BRICS nations, including India’s own e-rupee, China’s digital yuan, and others. The goal is to make cross-border payments for trade and tourism easier, moving away from the need to use the US dollar. 

The proposal could be officially discussed at the 2026 BRICS summit, which India is scheduled to host later this year.

A key reason for linking these digital currencies is to avoid using the US dollar for international payments. Many developing countries see this as a risk to their economic and political …

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