Latest remarks from RBI Governor Sanjay Malhotra: interoperability between the BRICS central bank digital currency (CBDC) and the fast payment system is still in the discussion stage and has not yet been implemented.
From the perspective of the evolution of cross-border payments, the BRICS countries are large in scale with diverse payment scenarios. Once breakthroughs are achieved in CBDC cross-border settlement and a unified payment network, the impact would not be limited to the region—it could reshape the global payments landscape. Of course, hard nuts to crack such as regulatory coordination, technical standards, and compliance frameworks cannot be avoided. The phrase "discussion stage" also indicates that there is still a long way to go before truly connected interoperability.
Key points to watch:
1️⃣ India has already built a certain user base through CBDC pilot programs; its level of 추진 and pace of progress will directly affect the overall BRICS timeline;
2️⃣ The directions of exploration for central bank digital currencies by members such as Russia and China differ. How to seek common ground while allowing for differences in standards is crucial;
3️⃣ If mature experience from fast payment systems (such as India’s UPI) can be exported, it will provide practical reference for CBDC interlinking.
In the short term, it is more of a signal. In the long run, it may become another pillar of the de-dollarization narrative. Keep tracking.
#CBDC #金砖国家 #Cross-border payments
From the perspective of the evolution of cross-border payments, the BRICS countries are large in scale with diverse payment scenarios. Once breakthroughs are achieved in CBDC cross-border settlement and a unified payment network, the impact would not be limited to the region—it could reshape the global payments landscape. Of course, hard nuts to crack such as regulatory coordination, technical standards, and compliance frameworks cannot be avoided. The phrase "discussion stage" also indicates that there is still a long way to go before truly connected interoperability.
Key points to watch:
1️⃣ India has already built a certain user base through CBDC pilot programs; its level of 추진 and pace of progress will directly affect the overall BRICS timeline;
2️⃣ The directions of exploration for central bank digital currencies by members such as Russia and China differ. How to seek common ground while allowing for differences in standards is crucial;
3️⃣ If mature experience from fast payment systems (such as India’s UPI) can be exported, it will provide practical reference for CBDC interlinking.
In the short term, it is more of a signal. In the long run, it may become another pillar of the de-dollarization narrative. Keep tracking.
#CBDC #金砖国家 #Cross-border payments