India Rejects BRICS Currency at New Delhi Summit

The Government of India explicitly rejected the creation of a common BRICS currency during the leaders' summit in New Delhi on September 12 and 13, 2026. As the current chair, India instead proposed linking existing fast-payment systems, such as the Unified Payments Interface (UPI), and central bank digital currencies (CBDCs) to reduce reliance on the US dollar and lower transaction costs for cross-border trade.

While India seeks to streamline bilateral trade, it has opposed a unified, bloc-wide payments network to avoid creating an anti-Western rival to the SWIFT system. This strategy contrasts with other member goals: China aims to expand the international role of the yuan, and Russia already conducts roughly 90% of its BRICS trade in national currencies. US President Donald Trump warned against efforts to replace the dollar, which could diminish US financial infrastructure.

To implement these goals, the BRICS Payment Task Force and the New Development Bank are developing interoperability between financial-messaging systems. In a joint statement, BRICS finance chiefs also called for urgent reforms to the International Monetary Fund and the World Bank to better represent emerging economies. Despite these efforts, the initiative faces hurdles including limited global CBDC adoption and national security concerns regarding financial connectivity with China.