India has officially clarified that the BRICS Pay system is designed to enhance financial sovereignty, not to de-dollarize the global economy. Pawan Joshi, the Chairman of BRICS International, stated the cross-border payment mechanism aims to build financial bridges using member nations’ local currencies, specifically rejecting claims it would uproot the existing monetary system. The system allows businesses to settle transactions faster with minimal exchange rate risk. A proposal to link digital currencies of member nations, put forward by the Reserve Bank of India, is expected to be discussed at the upcoming BRICS summit in New Delhi on September 12 and 13, 2026.
The BRICS Pay system’s core initiative is designed to bolster national sovereignty and build financial bridges, not replace the traditional financial sector. Pawan Joshi, the Chairman of BRICS International, clarified that the cross-border payment mechanism has no aim to replace the existing
