The 18th BRICS summit scheduled for September in New Delhi, with India as the Chair, aims to enhance cross-border payments among members. This initiative includes establishing connections between digital payment systems and central bank digital currencies (CBDCs). Finance ministries and central bank representatives from BRICS countries recently met in Jaipur to deliberate on financial cooperation, payments, and the expanded use of national currencies in trade settlements. Cross-border payments involve a complex network of transactions. For instance, when an importer in Cape Town purchases passenger cars from an exporter in Chennai, the payment route is indirect. It passes through various correspondent…
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