🐘 India🇮🇳 proposes linking digital currencies among BRICS countries

🐘 India🇮🇳 proposes linking digital currencies among BRICS countries

The proposal, aimed at reducing reliance on the US dollar, was put forward by the Reserve Bank of India (RBI) for inclusion on the agenda of the BRICS summit, scheduled to take place in India in 2026, according to Reuters.

➡️ Trump has kept BRICS under pressure and previously warned that he would impose tariffs on goods produced by member countries in response to initiatives deemed “anti-American.”

➡️ Reuters reports that the Indian government and the Central Bank of Brazil🇧🇷 have not responded to requests for comment. The People’s Bank of China🇨🇳 stated it has no information on the matter, while the central banks of South Africa🇿🇦 and Russia🇷🇺 declined to comment.

➡️ Although none of the BRICS members has fully launched a digital currency, all five core member countries are running pilot projects. Regarding India’s digital rupee, since its launch in December 2022 it has attracted a total of 7 million retail users.

➡️ The RBI is also evaluating mechanisms to manage potential trade imbalances, including the possibility of bilateral currency swap agreements between BRICS central banks.

#news #India #geopolitics

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