BRICS: CBDCs at the Heart of a New Cross-Border Payments Project

Money transfers between countries remain a central topic for the BRICS. In Mumbai, the Governor of the Reserve Bank of India, Sanjay Malhotra, indicated that several avenues are being studied to facilitate these operations. Among them is the connection of CBDCs and fast payment systems. Discussions are still in their early stages. The main goal concerns mainly the reduction of costs. This reflection comes as India also seeks to strengthen the i…