I have closely followed this proposal from the banque centrale indienne, and what is emerging in the background is truly interesting. India is actively pushing for the summit BRICS 2026 that it will host to put on the agenda an interconnected system of central bank digital currencies. The discussion includes Brazil, Russia, China, South Africa, and new members such as the Émirats arabes unis, Iran, and Indonesia.

The timing is clearly linked to trade tensions with Washington. Trump has imposed 50% tariffs on Indian imports, with 25% specifically on Russian crude oil. Trade negotiations have been at a standstill for months, which seriously harms Indian exporters in textiles, precious stones, and chemicals. As a result, the banque centrale indienne (RBI) sees an opportunity to gradually reduce dependence on the dollar by facilitating cross-border trade and tourism among these nations through CBDC interconnectées.

What interests me is that this would be the first formal attempt at such a system. None of the BRICS members has deployed its CBDC at scale, but all have advanced pilot programs. The e-roupie indienne has attracted 7 million users since its launch in décembre 2022. China is also stepping up efforts on its side to expand the yuan numérique globally.

Obviously, Washington is looking at this unfavorably. Trump has threatened multiple times to sanction any attempt to replace the dollar with 100% tariffs. But it is precisely this kind of pressure that is pushing the BRICS to accelerate their plans. This is a major strategic move that deserves close attention, especially with the current geopolitical stakes.