BRICS Payments: India Pushes Digital Currency To Reduce Dollar Dependence In Cross-Border Trade

India is pushing for a new approach to cross-border payments within BRICS, with local currencies and central bank digital currencies emerging as key areas of focus. Karishma Asoodani, Business Today, explains how India’s proposal builds on earlier discussions around local-currency settlements and greater payment interoperability among BRICS nations. The move does not signal a complete shift away from the US dollar, but points towards what can be described as functional de-dollarization. With India positioning itself as a digital payments pioneer through UPI, the approach could help diversify international trade payments and reduce dependence on a single currency during periods of global market volatility.