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BRICS financial infrastructure and digital payment efforts

Updated 17 times since CLSTR started tracking revisions of this situation.

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2026-09-11 10:45 UTC → 2026-09-11 14:30 UTC · added ~~removed~~

BRICS nations are accelerating efforts to build an independent financial infrastructure to reduce reliance on the US dollar and mitigate vulnerabilities to Western-led sanctions. Rather than a single unified currency, the bloc is prioritizing decentralized payment platforms and the integration of central bank digital currencies (CBDCs) with national instant payment systems. As the 18th BRICS summit convenes in New Delhi, the expanded 11-member bloc is attempting to transition into a cohesive economic force. A primary strategic focus remains the development of alternative financial architecture through the interoperability of national payment systems to create direct cross-border settlement mechanisms. Under India’s 2026 presidency, Prime Minister Narendra Modi is expected to propose a strategy to interconnect the CBDCs of member nations. This approach aims to facilitate cross-border trade and reduce transaction costs without creating a centralized system that could be viewed as a direct competitor to the Western-dominated SWIFT network. During the BRICS Business Forum 2026, Indian Commerce and Industry Minister Piyush Goyal advocated for deeper economic integration. His proposals include linking regional payment systems, increasing trade in local currencies, and simplifying regulatory procedures to reduce non-tariff barriers. Goyal highlighted India’s Unified Payments Interface (UPI) as a model for digital trade, noting its acceptance in 11 countries. He also emphasized the need for resilient supply chains for critical minerals and greater cooperation in the services sector through the mutual recognition of professional qualifications. ~~Russia continues~~ Expanding on these integration efforts, Prime Minister Modi urged the BRICS Business Council to ~~advocate~~ identify the top 10 trade barriers among member nations and proposed supporting 100 BRICS startups annually. Goyal further called for ~~this architecture~~ expanded opportunities for women-led enterprises by improving access to ~~avoid what Kremlin spokesperson Dmitri Peskov describes as “illegal pressures~~ credit and ~~restrictions.”~~ markets. External Affairs Minister S. Jaishankar noted that the grouping is marking 20 years of institutionalized cooperation.

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