As the BRICS nations gather in New Delhi, their approach to reducing reliance on the US dollar centres on practical infrastructure, local currencies, and digital payment systems, signalling a gradual move rather than an abrupt shift.
India will host the BRICS summit in New Delhi on September 12 and 13, putting the question of de-dollarisation back in focus. But the bloc’s approach is less about replacing the US dollar outright than about widening the range of options for trade and payments. India, China and Russia all want to reduce friction in cross-border transactions, yet they are pursuing different paths.
According to the lead report, India favours local-currency trade and simpler payment channels, while China is pushing for a larger international role for the yuan and Russia is already settling much of its BRICS trade in national currencies. That broad direction is echoed by the Carnegie Endowment, which says India has taken a cautious line, backing bilateral local-currency settlement and better payment systems rather than a common BRICS currency. The same analysis says the shift away from the dollar is likely to be gradual rather than abrupt.
India’s pitch at the summit is expected to centre on practical infrastructure. Reuters reported in January that the Reserve Bank of India had proposed linking BRICS members’ central bank digital currencies, a move that could make direct payments for trade and tourism easier. The New Indian Express said on September 8 that India is set to propose a cross-border digital payment system, and that BRICS finance ministers are expected to refine the wording and structure of the initiative. CoinMarketCap Academy also reported that BRICS members are running CBDC pilot projects, with India’s e-rupee drawing sizeable retail use.
For Washington, even incremental steps matter. Greater use of national currencies inside BRICS would chip away at the centrality of the dollar in international trade, and the lead report notes that US President Donald Trump has repeatedly warned the group against any move seen as challenging the greenback. For India, the balancing act is clear: it wants more financial autonomy and cheaper settlement costs, but not at the price of turning BRICS into an overt anti-dollar project.
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