India’s central bank has proposed linking BRICS digital currencies to simplify cross-border trade and tourism payments and reduce reliance on the U.S. dollar, according to two sources. The move aims to streamline settlements among member countries amid growing geopolitical tensions.
India’s tax authorities have flagged enforcement gaps around virtual digital assets ahead of the Union Budget, echoing concerns raised by the Reserve Bank of India. The alignment increases the chance of tougher reporting and compliance measures for crypto businesses and investors.
The Reserve Bank of India warns stablecoins pose greater threats to financial stability than any potential benefits and urges countries to prioritise central bank digital currencies. The stance appears in the RBI's latest Financial Stability Report.