Caixin: Reserve Bank of India Proposes Advancing 'BRICS Digital Currency Interoperability', Plans to Use a Consortium Blockchain to Build Cross-Border Settlement 'Bridge'

BlockBeats News, February 3rd. According to Caixin, as the rotating chair of the BRICS, the Reserve Bank of India has officially proposed to promote the establishment of a "BRICS Digital Currency Interoperability" system, intending to use blockchain technology to build a cross-border settlement network that can bypass the US dollar and directly connect the payment systems of BRICS countries.

This proposal does not involve the issuance of a brand-new "BRICS Coin" but is more of a practical interoperable platform/settlement bridge. It may be based on a permissioned blockchain (a consortium chain) architecture, maintained by central banks of member countries as validating nodes to uphold a distributed ledger. This approach aims to enhance cross-border settlement efficiency and transparency while respecting sovereign control.