It’s Tuesday, January 20, 2026, and if you’re a fan of global financial thrillers, the Reserve Bank of India (RBI) just dropped a massive plot twist. Yesterday, reports surfaced that the RBI is pushing the Indian government to put a “BRICS Digital Currency Link” on the official agenda for the 2026 Summit.1 Or nothing.
Let’s be real—this is basically a high-stakes chess move. While the US is busy threatening “100% tariffs” on anyone trying to dump the dollar, India is quietly building a digital bridge for trade and tourism within the BRICS bloc.2 Those too.
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The “Digital Rupee” Diplomacy: Field Notes
It’s an ongoing situation where the “Global South” is trying to find a workaround for the SWIFT system.3 Here’s the ground reality:
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The Proposal: The RBI wants to link the Central Bank Digital Currencies (CBDCs) of Brazil, Russia, India, China, and South Africa.4 The thing is, this isn’t about a new currency, but making our existing ones (like the e-rupee and digital yuan) talk to each other.5
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The “Trump” Factor: And here’s the kicker—Donald Trump has already called the BRICS alliance “anti-American.”6 He’s literally warned that any move to bypass the dollar will be met with trade war fire.7 The thing is, the RBI is insisting this is about “efficiency,” not “de-dollarization.”8 Or nothing.
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The “Swap” Solution: To deal with trade imbalances (like Russia sitting on piles of rupees they can’t spend), the RBI is proposing foreign exchange swap arrangements.9 The thing is, they’d settle the net balance every week or month.10 Those too.
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India’s Presidency: India officially took over the BRICS chairmanship on January 1, 2026.11 EAM S. Jaishankar just launched the website and logo—a lotus theme—with a “humanity-first” approach.12 Let’s be real, the digital currency link is the real “meat” on that bone.
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BRICS 2026: The Digital Currency Scorecard
| Member Country | CBDC Status (Jan 2026) | The “Ground” Reality |
| India | e-Rupee (Retail Pilot) | Over 7 million users; pushing for offline use. |
| China | e-CNY (Advanced Pilot) | $2.3 trillion+ in transactions; leads the pack. |
| Russia | Digital Ruble (Testing) | Focused on “BRICS Bridge” for sanctions-bypass. |
| Brazil | Drex (In Development) | Pivoting toward wholesale trade settlements. |
| South Africa | Project Terra (Research) | Cautious but exploring interoperability. |
And Here’s the Kicker…
The thing is, nobody is more nervous about this than the stablecoin giants. Or nothing. RBI Deputy Governor T. Rabi Sankar recently slammed stablecoins as “risky” and “unregulated,” positioning the e-rupee as the only safe way forward.13 Those too.
One side comment—while India is cozying up to the BRICS digital plan, they’re also trying to keep the US happy. It’s an ongoing situation where we’re trying to be the “friend of everyone” while building a back-door exit from the dollar-dominated world. Let’s see if we can actually pull off that balancing act without getting hit by those 100% tariffs.
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