BRICS adopts New Delhi Declaration to advance de-dollarization

The 18th BRICS summit in New Delhi has marked a significant move toward reducing reliance on the US dollar. Members unanimously adopted the New Delhi Declaration, which emphasizes expanding trade and investment using national currencies and linking domestic payment systems to bypass the SWIFT network.

A central component of this shift is BRICS Pay, a decentralized payment-messaging framework designed to integrate various national systems, including India’s Unified Payments Interface (UPI), China’s CIPS, and Russia’s SPFS. While the bloc declined to endorse a single common currency, the focus remains on interoperability and local-currency settlement.

In India, the digital payment landscape continues to evolve. The National Payments Corporation of India (NPCI) has introduced a tap-and-pay option for UPI using near-field communication technology, intended to function even with limited connectivity. Additionally, the Reserve Bank of India (RBI) has signaled the need for payment providers to begin quantum-proofing infrastructure to protect long-term data integrity against future computing threats.

Domestically, discussions regarding the tokenization of real estate have emerged, with officials suggesting that digital ownership could increase accessibility for younger citizens. Meanwhile, the rapid growth of the digital ecosystem has prompted warnings from the RBI regarding the expanding cyberattack surface, particularly concerning APIs and third-party technology layers.