Caixin: Reserve Bank of India Proposes Advancing 'BRICS Digital Currency Interoperability', Plans to Use a Consortium Blockchain to Build Cross-Border Settlement 'Bridge'
BlockBeats News, February 3rd. According to Caixin, as the rotating chair of the BRICS, the Reserve Bank of India has officially proposed to promote the establishment of a "BRICS Digital Currency Interoperability" system, intending to use blockchain technology to build a cross-border settlement network that can bypass the US dollar and directly connect the payment systems of BRICS countries.
This proposal does not involve the issuance of a brand-new "BRICS Coin" but is more of a practical interoperable platform/settlement bridge. It may be based on a permissioned blockchain (a consortium chain) architecture, maintained by central banks of member countries as validating nodes to uphold a distributed ledger. This approach aims to enhance cross-border settlement efficiency and transparency while respecting sovereign control.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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