India Proposes Digital Currencies for BRICS Cross-Border Payments
India, currently chairing BRICS, has proposed that countries in the bloc use digital currencies for cross-border payments. The country's authorities oppose creating a unified payment system, fearing it could challenge the dollar and SWIFT. Meanwhile, India's trade with Russia has shifted to rupee-ruble mechanisms, with around 96% of transactions now conducted through this method.7 sourcesSee all sources