India has formally declined to join a proposed BRICS common currency while separately floating a digital payment proposal for the bloc’s 2026 summit. Neither proposal has been accepted by the BRICS countries, and neither is feasible. This is why the U.S. dollar will remain the world’s primary reserve and exchange currency, including among BRICS members, whose currencies are all weaker than those of any G7 country.
The Reserve Bank of India has proposed that BRICS nations establish a system allowing cross-border trade and tourism payments to be settled directly in each country’s own national digital currency, bypassing dollar-denominated correspondent banking and SWIFT.
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