BRICS: India Increases Access to Digital Currency

As the BRICS alliance considers de-dollarization India has boosted access to digital currencies in response to escalating global change

As the BRICS alliance continues to explore de-dollarization, India has lately increased digital currency access in response to rising global change. Indeed, as the US currency has faced the possibility of depreciation, a slew of countries have pushed to expand their digital asset research efforts.

According to a Reuters article, the nation plans to extend e-rupee retail access. Specifically, the Reserve Bank of India (RBI) is using non-bank payment system operations and third-party apps to expand accessibility of the digital assets.

India Makes Move From US Dollar Dominance

Over the last several years, global economics has shifted away from a US dollar-dominated economy. Furthermore, the BRICS alliance has spearheaded the program, with a changing emphasis on both gold and digital asset promotion. One of its main contributors has recently boosted its efforts in the latter.

Specifically, as part of the BRICS concentration on digital assets, India has increased its access to digital currencies in response to a worldwide change. According to Reuters, the Reserve Bank of India implemented a modification that will have an impact on the predominance of digital currency development in the country.

The country’s reserve bank tried the concept in 2023 but curtailed its initial scope. It had decided to only allow banks to sell these digital tokens, which impacted transactions. It demonstrated that these transaction volumes were rather modest.

That should be changing today, with non-bank payment operations participating in the initiative via the proposal. This implies that programs such as Google Pay and others will be able to conduct e-commerce transactions using CBDC wallets.

Overall, the development should provide widespread benefits as the global economic sector continues to shift. 2024 has proved to be a year of growing adoption and application cases for digital asset technologies. As a result, India is better positioned to join other BRICS alliance members at the forefront of these opportunities.