BRICS+ Proposes Linking Central Bank Digital Currencies

India's plan to connect CBDCs could reduce reliance on US dollar and SWIFT system

Published on Feb. 10, 2026

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India, currently chairing the BRICS+ group of emerging economies, is proposing a significant shift in international finance by linking the central bank digital currencies (CBDCs) of member nations. This move aims to streamline cross-border trade and tourism payments, potentially reducing reliance on the US dollar and the SWIFT messaging system. The initiative builds upon existing frameworks like mBridge, a wholesale CBDC platform already facilitating transactions among some BRICS+ members.

Why it matters

The push for alternative payment systems isn't solely about de-dollarization, but also about resilience and strategic autonomy. Escalating geopolitical tensions, economic sanctions, and concerns over compliance-driven de-risking are accelerating the quest for alternatives to the traditional financial system dominated by the US dollar.

The details

mBridge, originally coordinated by the Bank for International Settlements (BIS), currently involves China, Hong Kong, Saudi Arabia, Thailand, and the UAE. While the BIS has stepped back, the platform continues to process substantial volumes – reaching RMB 387.2 billion ($55 billion) – with the digital yuan dominating transactions at 95%. This demonstrates the potential for CBDCs to facilitate cross-border payments, even in a limited capacity. The success of mBridge is fueling the ambition for a broader BRICS+ integration.

  • India currently chairs the BRICS+ grouping.
  • mBridge has processed RMB 387.2 billion ($55 billion) in transactions.

The players

BRICS+

A grouping of emerging market economies including Brazil, Russia, India, China, and South Africa, with other nations participating as partners.

mBridge

A wholesale CBDC platform designed to facilitate cross-border payments between participating central banks and commercial banks.

Bank for International Settlements (BIS)

An international financial institution that originally coordinated the mBridge platform.

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What’s next

The proposal to link BRICS+ CBDCs faces several hurdles, including harmonizing monetary, financial, and trade policies among member nations, as well as addressing the involvement of sanctioned countries like Russia and Iran.

The takeaway

The BRICS+ CBDC linkage initiative represents a gradual shift towards a more multi-polar financial system, reducing reliance on the US dollar and SWIFT. While the US dollar remains the dominant global currency, the development of alternative payment systems like this could create new vulnerabilities for its dominance.