BRICS payment settlement systems are being developed through central bank digital currencies and also new cross-border platforms right now, and this marks a shift away from traditional dollar-dominated infrastructure. The Reserve Bank of India has catalyzed CBDC-enabled payment arrangements among various major BRICS nations, with strategic focus on the mBridge CBDC platform and de-swifting payment system alternatives. These BRICS CBDC cross border payments aim to create corridors that reduce reliance on existing Western-controlled networks, and at the time of writing, several member states are accelerating their BRICS payment settlement efforts in this direction.
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BRICS CBDC Settlement, mBridge, And De-Swift Payment Shift
RBI Pushes Cross-Border CBDC Framework
The Reserve Bank of India has urged the government to place BRICS payment settlement on the 2026 summit agenda, and also focusing on CBDC-enabled payment arrangements. India’s pursuit of alternative payment arrangements has spearheaded various major transformations in regional financial infrastructure, driven by what officials describe as pragmatic needs for resilience, cost efficiency, and also strategic autonomy.
RBI Governor Sanjay Malhotra stated at the IMF-World Bank annual meeting:
“Unless other countries also adopt CBDC, we are not going to see the benefits of CBDC insofar as cross-border payments are concerned.”
India’s Deputy Governor T Rabi Sankar emphasized the urgency of BRICS payment settlement through CBDC corridors, and also stating:
“In the cross-border space, there is absolutely no improvement as such. It still takes four to five days for settlement and five to six per cent cost of transaction. To solve this problem, we believe CBDC is the answer.”
Blockchain Architecture Avoids Monetary Pooling
Blockchain-based architecture represents the most reasonable direction for BRICS payment settlement in the future, and this technology compares theoretically to the mBridge program of the BIS Innovation Hub. In various fundamental technical models, domestic CBDC ledgers define sovereign and ring-fenced operational parameters, and a neutral bridge layer allows payment-versus-payment foreign exchange settlement. This structure removes settlement risk and avoids forming a common currency or supranational monetary authority, as other monetary unions provide.
Officials Confirm De-Swifting Progress
At the July 2025 Rio Summit, Belarus Foreign Affairs Minister Maxim Ryzhenkov was clear about the fact that:
“We support efforts to create a multi-level settlement system that combines innovative payment instruments with reliable security mechanisms.”
India’s External Affairs Minister S. Jaishankar clarified the nation’s stance on BRICS payment settlement and de-dollarization efforts:
“The dollar as the reserve currency is the source of international economic stability, and right now, what we want in the world is more economic stability, not less.”
Capital Controls Embedded By Design
Given that the Indian rupee is not fully capital-account convertible, cross-border CBDC flows face legal restrictions under current law, and also at the time of writing. Various major regulatory frameworks have instituted programmable features embedding capital controls by design, and the e-rupee represents a direct liability of the RBI. The likely policy stance has been outlined clearly by officials: non-resident access only within corridor-specific limits, with no offshore e-rupee circulation permitted, and such restrictions apply right now.
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BRICS payment settlement infrastructure is progressing slowly but steadily, with secure links between Russia’s SPFS and other countries only partially implemented right now, and also involving several key technical integrations. Through various major developmental phases, the emphasis has accelerated from domestic experimentation to cross-border interoperability, and the real prize lies in a shared settlement fabric that connects these national systems. India’s mature payment infrastructure provides a credible foundation for scalable and compliant sovereign interoperability within CBDC trade settlement corridors, and such capabilities have transformed multiple essential aspects of regional monetary cooperation.
