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The BRICS are discussing the creation of a single payment system based on central bank digital currencies (CBDCs): India is promoting the idea of "linking" national CBDCs for trade and tourism settlements and may take the initiative to the BRICS 2026 summit. This is not a "single currency", but new payment "rails" that will potentially speed up transfers and reduce fees. We analyze the benefits for foreign economic activity and barriers — from interoperability to compliance and clearing.

India is preparing to launch a new rupee-denominated ARC stablecoin, which should reduce the market's dependence on dollar tokens and strengthen the domestic economy.

The new BRICS Development Bank is preparing to issue bonds in Indian rupees for the first time in its history. The placement is expected to take place before the end of March 2026, with an issue volume of up to $500 million.