BRICS Nations Discuss Linking Payment Systems and CBDCs, RBI Chief Says
The RBI wants to cut cross-border payment costs and keep promoting the rupee as BRICS members weigh CBDC and fast-payment links.
- On Tuesday, India Governor Sanjay Malhotra announced that BRICS nations are currently discussing potential linkages between their respective fast payment systems and CBDCs to help reduce costs.
- As the host nation prepares for the upcoming international gathering, the central bank recommended including this connectivity proposal on the annual summit agenda earlier this year.
- Addressing cost concerns, the governor said, "Various options are on the table," while confirming the institution aims to internationalize the national currency for cross-border trade.
- Inventorying all AI models, he urged lenders to establish board-approved governance policies, stating, "Indian banks cannot afford to sit on the sidelines and watch."
- Balancing progress with security, the official emphasized that "Innovation and safety are not opposing goals," noting they are complementary requirements of a durable financial system.
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The Central Bank Governor said: "BRICS will be most effective when it can transform policy discussions into practical initiatives and implementation mechanisms."
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BRICS discusses interlinking payment systems and digital currencies
The RBI governor says all BRICS nations are interested in cross-border payments as they offer “a lot of scope for reducing cost” BRICS nations are discussing linking their payment systems and central bank digital currencies (CBDCs) as they explore ways to reduce the costs and increase the speed of cross-border payments, Reserve Bank of India...
BRICS nations discuss linking payment systems and CBDCs, RBI chief says
MUMBAI, Aug 11 (Reuters) - Members of the BRICS group of nations are discussing potential linkages between their respective fast payment systems and central bank digital currencies, Reserve Bank of India Governor Sanjay Malhotra said at an event on T...
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