India Proposes Digital Payment Bridge for BRICS Nations

The Government of India has proposed the creation of a digital bridge designed to interconnect the domestic currency payment networks of BRICS member nations. This initiative serves as the primary agenda item for the upcoming BRICS summit in Delhi.

The proposed system utilizes blockchain-like technology to facilitate direct, near-instant settlements in local currencies. By removing the U.S. dollar as an intermediary, the network aims to eliminate the multi-day clearing times and the 3–5 per cent fees typically charged by U.S. banks.

Rather than establishing a single common currency, the proposal focuses on functional de-dollarization. The goal is to shield the economies of member states—including Russia, China, Brazil, South Africa, Egypt, and Ethiopia—from dollar shortages, currency volatility, and the reach of U.S. financial sanctions and infrastructure.