India Grows CBDC Network, Partnering with Key Countries Across Asia and the Middle East

India, a prominent member of the BRICS coalition, is making significant strides in expanding its cross-border mobile payments infrastructure by teaming up with several nations to advance Central Bank Digital Currencies (CBDCs).

According to Bloomberg, India has initiated collaborations with countries like the Philippines, Sri Lanka, and the UAE, another BRICS partner, to enhance their mobile payment systems.

T. Rabi Sankar, the deputy governor of the Reserve Bank of India (RBI), revealed these efforts during a conference in Cebu, Philippines. India has already established CBDC agreements with Bhutan and Nepal, and is actively engaging with ASEAN nations to build a unified platform for regional cooperation in digital payments.

India’s role as a trailblazer in CBDC testing is notable, having been among the first to pilot a digital currency initiative. The country is now exploring how CBDCs can be applied across various sectors, including government services, commerce, and financial institutions, while evaluating the potential impacts on its economy, banking system, and monetary policy.

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Despite this forward momentum, Sankar emphasized India’s cautious approach, stating that the country will not rush the full rollout and will proceed once clear results are available, without setting fixed timelines.

Globally, the CBDC movement is gaining traction, with about 134 countries working on digital currencies. Among these, BRICS nations—India, Russia, and China—are taking the lead. Experts caution that as more emerging economies embrace CBDCs, global reliance on the U.S. dollar could decline, potentially challenging its long-standing dominance in international trade.

Alexander Zdravkov