RBI proposes BRICS CBDC trade link — could shave dollar’s cross-border clout ahead of 2026

According to an RBI proposal, the Reserve Bank of India this week urged linking all BRICS central bank digital currencies for trade. India hosts the 2026 summit in New Delhi, and the government may advance the plan there.

The US dollar will not collapse, but its transactional dominance could decline. It should remain the dominant reserve currency and a safe haven for investors.

BRICS nations could gain faster settlements and lower exchange costs by bypassing the dollar. The bloc might save millions in currency costs during cross-border trade.

Any linked CBDC system will depend on each country’s financial depth and liquidity. Trust in currencies like the ruble, yuan, and rupee remains limited, which may hinder wider adoption.