Imagine a world where countries bypass traditional financial systems like SWIFT and the US dollar for cross-border transactions. That’s exactly what India is pushing for as it chairs BRICS+ in 2026, proposing a bold initiative to link central bank digital currencies (CBDCs) among member nations. According to a recent Reuters report, the Reserve Bank of India aims to streamline trade and tourism payments, making them faster and more efficient. But here’s where it gets controversial: this isn’t a new idea, and its implications could reshape global financial dynamics.
Back in 2024, when Russia chaired BRICS+, the concept of a BRICS Bridge was introduced—a platform allowing wholesale CBDC exchanges outside the US dollar-dominated SWIFT system. A similar system, mBridge, already exists, involving China, Hong Kong, Saudi Arabia, Thailand, and the UAE. While Thailand is the only non-BRICS+ member, it participates as a partner. Interestingly, Saudi Arabia, despite attending BRICS meetings in Brazil in 2025, had not formally joined the group by May 2025. And this is the part most people miss: mBridge was originally coordinated by the Bank for International Settlements (BIS), which withdrew in late 2024 due to sanctions against Russia and Iran, both BRICS+ members.
Despite this setback, mBridge has thrived, processing payments worth RMB 387.2 billion ($55 billion) as of two weeks ago, with 95% of transactions using China’s digital yuan. This raises a thought-provoking question: Is China’s dominance in mBridge a preview of its influence in a broader BRICS CBDC Bridge? While China was the only participant with a functional wholesale CBDC until recently, its prominence in the system is undeniable. Critics argue this could tilt the balance of power in global finance, while proponents see it as a step toward financial autonomy for emerging economies.
As India pushes this agenda forward in 2026, the stakes are higher than ever. Will this initiative challenge the dollar’s supremacy, or will geopolitical tensions and sanctions derail its progress? What’s your take? Do you think a BRICS CBDC Bridge could revolutionize cross-border payments, or is it a risky move in an already volatile financial landscape? Let’s discuss in the comments below.
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