India is expected to push for broader use of central bank digital currencies in cross-border payments among BRICS members, according to a report cited by Jin10 and based on information from people familiar with the matter. The same sources said India is not expected to back a unified payment network for the bloc. With India serving as the BRICS chair this year, Prime Minister Narendra Modi is said to favor using CBDCs to settle bilateral trade between member states. The report also said this weekend’s leaders’ summit in New Delhi is unlikely to produce an agreement on a single BRICS payment and settlement system. The account reflects the position described by unnamed sources and does not indicate that a final agreement has been reached.
India will push for broader use of central bank digital currencies in cross-border payments among BRICS countries, according to Jin10, citing sources familiar with the matter. The sources said India will not support a unified payment network.
India holds the rotating BRICS chairmanship this year. According to the sources, Prime Minister Narendra Modi favors using CBDCs to settle bilateral trade between member states.
The report added that leaders meeting in New Delhi this weekend are unlikely to reach an agreement on a single BRICS payment and settlement system.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
