India's Central Bank Proposes Digital Currency Collaboration Among BRICS Nations to Reduce Dependence on the US Dollar

As reported by Reuters on January 19, the Reserve Bank of India (RBI) has proposed a collaboration of central bank digital currencies (CBDCs) among BRICS nations. The initiative aims to facilitate cross-border trade finance and tourism-related payments, reducing reliance on the US dollar. The RBI has recommended that the government include this CBDC collaboration proposal in the agenda for the BRICS Summit in 2026, which India is scheduled to host later this year. If accepted, this would mark the first official presentation of a digital currency collaboration proposal among BRICS member countries. This move is seen as potentially provocative to the United States. President Donald Trump has previously...