India’s BRICS digital currency proposal tops summit agenda

India's proposal to build a digital bridge between the domestic currency payment networks of BRICS member nations has become the most important item on the agenda for the forthcoming summit of the bloc to be held in Delhi on September 12-13, according to an article published by South Africa's IOL news website, as reported by SME Times. The article highlights that BRICS countries are disproportionately exposed to dollar-denominated energy trade and the US financial infrastructure, and the proposed system would allow direct, near-instant settlements in local currencies, bypassing the dollar as an intermediary.

The South China Morning Post reports that the summit has raised hopes that major players India and China will align to rally member states to resolve the Strait of Hormuz crisis, with the US making little headway. Analysts say the forum could see parallel diplomacy, given the grouping's economic clout accounts for about 40 per cent of the world's GDP.

The Millennium Post reports that the recently concluded BRICS Foreign Ministers' meeting in Delhi failed to issue a joint statement, exposing major differences among member states. China's Foreign Minister Wang Yi skipped the meeting, and tensions between new entrants Iran and the UAE reportedly derailed consensus. India's chair's statement focused on areas where consensus remained possible, avoiding anti-West bloc discourse and aggressive de-dollarisation rhetoric.