INDIA WILL PROPOSE THE CENTRAL BANK DIGITAL CURRENCY (CBDC) AT THE BRICS SUMMIT

According to The Hindu Business Line, India intends to present the idea of a central bank digital currency (CBDC) at the forthcoming BRICS summit (12 and 13 September). As early as January, the Reserve Bank of India (RBI) proposed to link all member countries ' central banks in digital currency to facilitate trade and transactions. If the proposal is adopted, a fundamental change in the way cross-border transactions are settled in the BRICS countries may occur. Ministers of finance of all member States are expected to meet in early September to discuss the future direction of CBDC. The BRICS CBDC mechanism could save billions of dollars in transaction costs in the settlement process and would not allow other currencies to enter and ensure self-sufficiency for the Group of 11。