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Monetary Authorities Discuss Connecting Fast Payment Systems and Digital Currencies to Reduce Costs in International Transactions. BRICS Has Yet to Approve Cross-Border Use of Pix, While a U.S. Investigation Included Electronic Services Among the Charges and Resulted in Tariffs on Certain Products Exported by Brazil to the United States.
BRICS has started discussing the connection between national instant payment systems and central bank digital currencies, a possibility that could include Pix in transactions among the group’s 11 members. However, the proposal remains in its early stages and is still contingent on political, regulatory, and technical decisions.
The debate took on another dimension as the United States had imposed an additional 25% tariff on certain Brazilian products following a trade investigation that also examined electronic payment services. The two fronts are related by the competition and financial infrastructure dispute, but they do not constitute a single measure nor imply that Pix has been subjected to tariffs.
Indian Central Bank Chief Confirms Discussion on Payments
image: Dhiraj Singh/Bloomberg
The President of the Central Bank of India, Sanjay Malhotra, stated on August 11, 2026, that BRICS countries were exploring ways to connect fast payment systems. According to him, there is a shared interest in reducing costs of international operations, especially in transfers that currently pass through multiple intermediaries.
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According to Gazeta do Povo, in an article published on August 12, the topic was expected to be addressed at the summit scheduled for September 12 and 13. This information was also reported by Reuters, which classified the discussions as preliminary.
Among the possibilities mentioned were the interoperability of instant transfer platforms and the use of digital currencies issued by central banks, known as CBDCs. These pathways could be analyzed separately or combined, depending on the architecture chosen by the participants.
The confirmed discussion does not equate to the approval of an international Pix network. As of that moment, no final agreement, implementation timeline, common rules, countries that would join first, or start date for actual operations had been disclosed.
Pix Could Integrate a Network Without Being Adopted as a Single System
Created and operated by Brazil’s Central Bank, Pix enables transfers between accounts in seconds, 24/7. The potential international integration would not require other members to abandon their own platforms to adopt Brazilian technology.
One alternative would be to connect national systems so that a transfer initiated on one platform would be recognized and completed by the infrastructure of the destination country. In this model, each authority would maintain its internal rules, while a shared layer would handle communication between networks.
The Bank for International Settlements is already exploring this concept in the Nexus Project. The initiative aims to standardize connections between domestic instant payment platforms, preventing each country from needing to build a unique integration with all other participants.
Implementing Pix in international transactions means seeking interoperability, rather than making the Brazilian system the mandatory platform for the 11 countries. The specifics would depend on agreements about currency exchange, settlement, user identification, data protection, and division of responsibilities.
BRICS unites 11 members, but decisions depend on consensus
The group consists of Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, the United Arab Emirates, Ethiopia, Indonesia, and Iran. The official BRICS page distinguishes these 11 full members from partner countries that may participate in meetings without holding the same decision-making power.
The expansion of the bloc has made any financial integration broader and, at the same time, more complex. The participating economies have different regulations, currencies, capital controls, levels of digitization, and banking structures, which hinders an automatic implementation from a political decision.
Decisions by the group are made by consensus. Thus, the inclusion of Pix in a future network would depend on both Brazilian interest and the agreement of other governments and their central banks, as well as each country’s willingness to adapt its infrastructure.
The presence of 11 members does not mean that all will start operating a new network simultaneously. International projects can progress in stages, with testing among a smaller number of participants before expanding, although no such plan has been announced for the BRICS proposal.
Digital currencies were also included among the options studied
Malhotra mentioned CBDCs among the options under discussion. Unlike private crypto assets, these digital currencies represent liabilities issued by monetary authorities and can be designed for retail use, institutional transactions, or international settlement of transactions.
The BRICS countries do not have a single CBDC nor do they adopt the same level of development. Connecting digital currencies would require defining how each asset would be converted, when the settlement would become final, and which institution would assume risks in case of operational failure.
The Bank for International Settlements notes that cross-border operations continue to face obstacles related to exchange rates, settlement, regulatory compliance, and availability of foreign currency. Technical tests demonstrate possibilities, but do not eliminate the need for legal rules and coordinated oversight.
The proposal does not signify the immediate creation of a BRICS currency nor an automatic abandonment of the dollar. The stated goal was to facilitate payments between countries and increase the use of local currencies, not to announce a replacement for international reserves or all existing financial channels.
U.S. Investigation Imposed Electronic Payments Among Various Accusations
While BRICS was discussing new financial connections, the Office of the United States Trade Representative, known as USTR, was conducting a separate process. Launched in July 2025 under Section 301 of U.S. trade law, the investigation examined electronic payment services, digital trade, preferential tariffs, intellectual property, ethanol, anti-corruption measures, and illegal deforestation.
In June 2026, the agency concluded that certain Brazilian practices would be unreasonable or discriminatory and would affect U.S. trade. In the payments area, the official USTR statement accused Brazil of favoring a “national champion” over competing American companies.
The official summary did not name Pix in this context, but Gazeta’s investigation linked the reference to the system managed by the Central Bank. The U.S. inquiry focused on the idea that the same authority acts as market regulator and owner/operator of the public platform.
The USTR’s stance is an accusation from the U.S. government, not a neutral conclusion accepted by both parties. Pix is offered by various financial and payment institutions, and its public structure has become part of a controversy surrounding competition, regulation, and market access.
25% Tariff Targeted Products, Not Transfers Made Via Pix
On July 15, 2026, the USTR announced an additional 25% tariff on certain goods originating from Brazil. The measure took effect on July 22 and was presented as a response to a range of practices examined over the course of a year, not solely to issues involving electronic payments.
The Ministry of Development, Industry, Commerce and Services confirmed that the decision impacted a portion of exports, with a list of excluded products. Thus, it was not a uniform tariff applied to all Brazilian products, nor was it a charge on each transaction made via Pix.
Payment services do not incur this tariff as if they were goods crossing the border. Any potential integration discussed by the BRICS remains separate from the sanction. The relationship lies in the political justification for the investigation: digital commerce and electronic payments emerged among several reasons used for a measure concerning goods.
To say that Trump taxed the Pix would be incorrect. The American administration imposed an additional charge on products covered by the measure, while the Brazilian system arose in a regulatory dispute that helped shape a much broader trade process.
Integration Promises to Reduce Costs but Requires Shared Rules
International payments typically involve currency conversion, correspondent institutions, regulatory checks, and differing settlement times. These steps can raise fees, extend the completion timeline, and complicate the predictability of the final amount received by the recipient.
The connection between instant systems aims to shorten this process. The potential benefit would be allowing faster and more transparent transfers for businesses, travelers, and individuals sending money to family members, while keeping the movement within infrastructures supervised by monetary authorities.
The challenge lies in determining who is responsible for fraud, technological failures, disputes, or sending to the incorrect recipient. It would also be necessary to harmonize anti-money laundering measures, international sanctions, privacy, cybersecurity, and foreign exchange rules across 11 jurisdictions.
The perceived speed for users depends on an invisible structure of conversion, settlement, and compliance. Without agreement on these points, connecting fast interfaces alone is not enough to ensure that money crosses borders with legal security and predictability, a requirement that any BRICS proposal would need to address.
Next Summit May Indicate Whether Proposal Will Advance Beyond Debate
The BRICS meeting scheduled for September may reveal whether members intend to turn the discussion into a technical group, pilot project, or formal commitment. Even a favorable decision would not imply immediate availability, as financial integrations often require testing, regulatory changes, and governance definitions.
In the meantime, the 25% tariff is already affecting the targeted products and is separate from the day-to-day functioning of Pix within Brazil. The political link between the topics could heighten bilateral tensions, but each process has its own instruments, authorities, and consequences.
The scenario involves a proposal still awaiting approval and a trade measure that has already taken effect. This difference is crucial for understanding why the internationalization of Pix remains a possibility, while the American surcharge is already impacting a segment of Brazilian exports.
In your opinion, should Brazil prioritize the integration of Pix with other countries, negotiate first the reduction of American tariffs, demand common data protection rules, or focus on ensuring the domestic security of the system? Let us know in the comments which path seems most important and what risks should not be overlooked.
