Red Digital BRICS for Cross-Border Settlements Without Dollar Dependency

The initiative that India is promoting as the president of BRICS aims to revolutionize international payments among its members. Through a digital connectivity platform, the goal is to create an infrastructure that enables direct settlements between financial systems without the intervention of the US dollar. According to specialized reports, this proposal represents a strategic step toward the economic autonomy of the bloc.

India’s Proposal: Connectivity Between Payment Systems

The initiative does not involve the creation of a new single currency but rather the development of a digital settlement bridge that links each nation’s payment networks. This pragmatic approach recognizes that each country would maintain its own currency while establishing direct communication channels between their central banks. The solution aims to reduce operational costs and accelerate commercial transactions among the five nations, eliminating intermediaries and external dependencies that have historically hindered swift trade exchanges.

Sovereign-Controlled Blockchain Architecture

The technical structure would be based on a consortium blockchain solution, where each central bank acts as a validator node within a permissioned network. This model ensures that decisions regarding the system’s operation remain under the control of the participating governments, maintaining stability and transparency of transactions. The distributed ledger would allow an immutable record of all transactions, strengthening trust among financial institutions and significantly reducing settlement times that currently require international intermediaries.