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India, as BRICS President, Will Present a Proposal to Integrate Digital Currencies from the Central Banks of Its 11 Member Countries at the Summit in New Delhi on September 12-13. According to two sources speaking to Reuters, the plan does not aim to replace the dollar, but it faces political tensions and low adoption.
India is expected to advocate for the integration of digital currencies issued by the central banks of BRICS nations to facilitate international payments among members during the summit of the group scheduled for this week in New Delhi. The country will support the proposal despite political and technical challenges that may limit its progress, according to two sources who requested anonymity.
The information was published by g1 on September 10, 2026, based on reporting from Reuters, with sources who preferred to remain unidentified due to the sensitive nature of the topic and their lack of authorization to speak with the press.
Summit in New Delhi on September 12-13 Under Indian Presidency
India is presiding over BRICS in 2026. Leaders from the group will meet in New Delhi on September 12 and 13.
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The proposal to integrate digital currencies from central banks will be part of the leaders’ meeting agenda, the sources told Reuters.
Indian Central Bank Proposed Integration in January
The Reserve Bank of India (RBI) proposed in January 2026 the integration of official digital currencies from member countries to facilitate international trade, according to Reuters.
The September summit marks the moment when India attempts to elevate the idea from a technical level to discussions among heads of state.
Eleven Countries in the Block: From Brazil and China to Iran and the UAE
BRICS includes Brazil, Russia, India, China, and South Africa, the five founding members, as well as Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates.
Integrating the digital currencies of the central banks of these 11 countries means connecting financial infrastructures with very diverse systems and interests.
Proposal Continues the 2025 Rio de Janeiro Declaration
The Indian initiative follows the declaration approved at the BRICS summit in 2025, in Rio de Janeiro. The document advocated for interoperability among member countries’ payment systems to make international transactions more efficient.
Low adoption of official digital currencies worldwide may hinder implementation
Central bank digital currencies still have low adoption globally. This scenario may hinder the proposal’s implementation, according to the report.
Without widespread usage in each country, the integration between national systems loses some practical utility.
Iran and UAE: cut financial relations are an obstacle
Tense relations between some members, such as Iran and the United Arab Emirates, will continue to be an obstacle, one source said.
The United Arab Emirates have cut financial relations with Iran, she stated, complicating any payment system that needs to connect the two countries.
India resists deepening financial integration with China and has already blocked Alipay+
India has shown resistance to deepening financial integration with China, the second source stated. Agreements of this nature would require a greater level of trust between the two countries.
The country blocked a proposal from Alipay+ to connect to India’s instant payment system for international transactions due to national security concerns related to the company’s ties with China, according to Reuters.
Currency swap agreements would be necessary before integration operates
Currency swap agreements would also be necessary to help manage trade imbalances before the integration of digital currencies could operate, the source added.
These agreements allow central banks to exchange currencies with each other, which helps compensate for differences in what each country buys and sells within the bloc.
Common currency proposed by Brazil did not advance, and Trump threatened tariffs
BRICS countries have already explored alternatives to dollar-based payments. Among them was a proposal from Brazil for the creation of a common currency for the group, but the plan did not advance.
U.S. President Donald Trump had previously warned the bloc against such an initiative and threatened to impose high tariffs.
India says it does not want to replace the dollar: the goal is easier and faster payments
India has no interest in replacing the dollar, the second source stated. The goal of integrating official digital currencies is to make international payments easier and faster.
This distinction separates the Indian proposal from the common currency advocated earlier by Brazil.
Proposal on the agenda of leaders this weekend, with no official response from New Delhi
The Indian Ministries of External Affairs and Finance, along with the country’s central bank, did not respond to email requests for comment sent by Reuters. Therefore, the official confirmation of the proposal was left to the summit itself.
When g1 published the report on the morning of September 10, 2026, there were two days left until the meeting of BRICS leaders in New Delhi, where the integration of central bank digital currencies is expected to be discussed.
In your opinion, do you think the integration of BRICS central bank digital currencies has a chance of being realized, or will tensions between members stall the plan as they did with the common currency? Share your thoughts in the comments.
