BRICS Presents Digital Connectivity Platform to Revolutionize International Payments

India, in her capacity as the chair of the BRICS nations, formally put forward the creation of a unified digital connectivity system among its members. This initiative represents a significant milestone for the BRICS nations by aiming to establish a cross-border settlement infrastructure based on blockchain technology, enabling countries to conduct trade transactions without reliance on the US dollar. Unlike previous proposals that suggested issuing a “BRICS currency,” this project focuses on developing a practical and integrated payment bridge capable of directly connecting the monetary systems of the participating economies.

Blockchain Technology as the Foundation of Connectivity

The proposed system utilizes a permissioned blockchain architecture, also known as a consortium blockchain. In this structure, the central banks of each BRICS nation will serve as validation nodes responsible for maintaining and verifying a shared distributed ledger. This approach ensures that transactions are securely recorded while preserving each country’s sovereign control over its monetary policies and financial flows.

Financial Sovereignty and Transaction Efficiency

The main goal of this connectivity platform is to significantly enhance the efficiency and transparency of payment operations among BRICS countries, reducing settlement times and operational costs. By disintermediating the international financial system dominated by the dollar, the BRICS nations aim to strengthen their economic autonomy and create viable alternatives for financial cooperation. The proposal reflects the growing pursuit by emerging economies of independent settlement systems that maintain transaction security while ensuring full sovereignty over data and control of financial processes.