The Reserve Bank of India proposed to advance the interconnection of BRICS digital currencies and plans to build a cross-border settlement bridge using a consortium blockchain

As the rotating chair of the BRICS nations, the Reserve Bank of India has officially proposed to promote the establishment of a "BRICS Digital Currency Interconnection" system, aiming to utilize blockchain technology to create a cross-border settlement network that can bypass the US dollar and directly connect the payment systems of BRICS countries.

This plan is not about issuing a brand new "BRICS currency," but is closer to a practical interconnected platform/settlement bridge, potentially based on a permissioned blockchain (consortium chain) architecture, with central banks of various countries jointly acting as verification nodes to maintain a distributed ledger, enhancing the efficiency and transparency of cross-border settlements while ensuring sovereign control.