BRICS reportedly discussing digital currencies, wants to bypass the dollar

The Indian central bank has proposed linking the digital currencies of the BRICS countries to simplify cross-border payments in trade and tourism – and at the same time reduce dependence on the US dollar. According to Reuters sources, the proposal will be discussed at this year's BRICS summit, which will be hosted by India.

Although none of the major BRICS countries has yet fully implemented a digital currency, all are already testing pilot projects. India has recorded 7 million retail users of its e-rupee and is actively promoting its wider use.

However, linking digital currencies would require agreement on technological standards, governance rules, and ways to balance trade imbalances.

US President Donald Trump has repeatedly called the alliance anti-American, threatening its members with tariffs.

(reuters, mja)