from RT:
The RBI governor says all BRICS nations are interested in cross-border payments as they offer “a lot of scope for reducing cost”
BRICS nations are discussing linking their payment systems and central bank digital currencies (CBDCs) as they explore ways to reduce the costs and increase the speed of cross-border payments, Reserve Bank of India (RBI) Governor Sanjay Malhotra said on Tuesday.
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Last week, Indian Trade Minister Piyush Goyal said New Delhi prefers trade settlements in national currencies to a unified monetary system, or a BRICS currency, which has been touted as an alternative to the US dollar.
The Indian central bank chief said on Monday that “cross-border payments is an area of interest for all of us, including the BRICS, because we feel there is a lot of scope for reducing cost.” He added that various options are being discussed, including CBDCs (central bank digital currencies) and linkages of fast payment systems.
