India Proposes BRICS Digital Currency Connectivity System

India, as the current chair of the BRICS nations, has officially proposed the establishment of a BRICS digital currency connectivity system. According to BlockBeats, this initiative aims to create a cross-border settlement network using blockchain technology, bypassing the U.S. dollar and directly linking the payment systems of BRICS countries. The proposal does not involve the issuance of a new 'BRICS currency' but rather focuses on developing a practical interconnected platform or settlement bridge. This system is likely to be based on a permissioned blockchain (consortium blockchain) architecture, with central banks from each country acting as validating nodes to maintain a distributed ledger. The goal is to enhance the efficiency and transparency of cross-border settlements while maintaining sovereign control.