NEW SILK ROAD 
BRICS / cross-border payments
Direct answer: BRICS members are discussing possible links between their national fast payment systems and central bank digital currencies, but the options remain at the discussion stage.
Key facts
- Reserve Bank of India Governor Sanjay Malhotra disclosed the discussions at an event in Mumbai on August 11, 2026.
- He said cross-border payments are an area of shared interest because there is substantial scope to reduce costs.
- The options under discussion include both links between fast payment systems and connections between central bank digital currencies (CBDCs).
- India is hosting the 2026 BRICS summit. Earlier in 2026, the RBI recommended putting CBDC connectivity on the summit agenda.
- The RBI also plans to continue internationalising the rupee and promoting local currencies in cross-border payments and trade.
Why it matters for BRICS+
For exporters, importers and logistics operators, payment interoperability could reduce friction in settlement, improve transaction speed and make smaller cross-border deals more economical.
The announcement is not the launch of a common BRICS currency or a finished payment network. It is an early-stage discussion about connecting existing national infrastructure while preserving separate currencies and central-bank control.
What to watch next
Watch for a formal interoperability roadmap at the 2026 summit, pilot payment corridors, and agreements on technology standards, cybersecurity, foreign-exchange conversion, AML controls and governance.
Editorial illustration: New Silk Road BRICS+. Source: Reuters. Illustration source: New Silk Road BRICS+.