India’s BRICS presidency is accelerating the bloc’s de-dollarization push, turning years of planning into concrete steps that could reshape global settlement rails—and send ripples through crypto and digital-asset markets. India formally took over the BRICS presidency from Brazil and will host the 18th BRICS Summit in New Delhi, likely in August or September 2026. Under its stewardship, a package of financial initiatives aimed at reducing dependence on the U.S. dollar has moved from concept to implementation. Analysts are calling this phase “De-dollarization 2.0.” Key developments to watch: - BRICS Pay expansion (2026): The bloc’s cross-border payment system is being scaled to connect national payment infrastructures. By linking networks such as Russia’s SPFS, China’s CIPS and India’s UPI, BRICS Pay is reported to have already cut USD use in intra-bloc trade by roughly two-thirds. For crypto observers, the move signals growing demand for alternative rails and faster, lower-cost settlement channels. - CBDC interoperability (ongoing): Russia, China and India are actively working to interlink their central-bank digital currencies—the digital ruble, yuan and rupee. Those efforts are intended to create direct digital settlement corridors between major BRICS members and accelerate alternatives to SWIFT-based dollar clearing. - BRICS Unit launch (2026): Following an October 31, 2025 pilot, the bloc has launched a BRICS Unit intended as a gold-backed settlement instrument. The pilot reportedly issued 100 Units backed 40% by allocated gold and 60% by member currencies. Leveraging collective gold reserves reportedly exceeding 6,000 tonnes, the BRICS Unit aims to facilitate cross-border trade settlement without intermediating the dollar. - BRICS New Development Bank (NDB) local-currency lending: The NDB is rapidly expanding domestic-currency financing for infrastructure, with roughly one-third of its loans now denominated in local currencies. The bank disbursed about $30 billion in 2024, a trend that reduces borrowers’ exposure to dollar-denominated debt. Political context and key voices India’s External Affairs Minister S. Jaishankar emphasized a cautious public line: “I don’t think there’s any policy on our part to replace the dollar. The dollar as the reserve currency is the source of global economic stability, and right now what we want in the world is more economic stability, not less.” Russian President Vladimir Putin framed the bloc’s moves as pragmatic: “We are not refusing, not fighting the dollar, but if they don’t let us work with it, what can we do? We then have to look for other alternatives, which is happening.” Why it matters for crypto and markets The BRICS agenda combines conventional finance (gold-backed units and local-currency lending) with advanced digital rails (CBDCs and interconnected payment systems). For crypto markets, that mix matters because it increases the variety and legitimacy of non-dollar settlement mechanisms and digital monetization layers. Whether these developments complement or compete with private crypto infrastructures will be a key theme for 2026 and beyond. Bottom line: under India’s presidency, the BRICS bloc is pushing practical alternatives to dollar dominance—through payment networks, CBDC links, a gold-linked settlement unit and expanded local-currency lending—moving from rhetoric to tangible infrastructure that could reconfigure parts of international finance. Read more AI-generated news on: undefined/news

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