The Narendra Modi-led government will likely keep discussions on the digital currency (CBDC) payment link among member nations as a key talking point at the upcoming BRICS 2026 summit in New Delhi, according to a report from South Africa’s IOL. The 18th summit is scheduled to take place on September 12-13, with member leaders attending a yearly roundtable. The event will be closely watched by the West, especially the US, under the helm of President Donald Trump.
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CBDC Currencies: A Key Event at BRICS Summit 2026 in India
The Reserve Bank of India (RBI) had previously proposed building a digital CBDC payment bridge in local currencies among BRICS nations. This topic could be the center of discussion and tabled at the summit. The bloc has been cooperative in pushing local currencies ahead for trade and commerce. Countries such as China and Russia have been vocal on strengthening domestic currencies, rather than using the US dollar.
“This is precisely why the payment-system interconnectivity proposal, tabled by India, has taken on such urgent weight. The war has exposed a fundamental truth: BRICS nations remain captive to a financial system they do not control. A multi-CBDC bridge, or linked fast-payment rails, would allow direct settlements in local currencies, bypassing the dollar as an intermediary, shielding (BRICS) members from the kind of currency-driven ranking dilemma India has just endured,” read the report.
The RBI’s decision on BRICS linking CBDC payments comes at a time when India is aiming to internationalize the rupee. The Modi-led government has opened a number of special Vostro accounts, making it easier to pay in the rupee directly. The success of the project is what led to the RBI’s judgement about the CBDC currencies. Since the outbreak of the US-Iran war, developing countries are increasingly looking to cut ties with the dollar.