I just saw something interesting that will probably set the agenda in the coming months. The central bank of India is pushing hard for a new digital currency project to be approved at the BRICS 2026 summit that links all members of the bloc.

The idea is fairly clear: to facilitate trade between Brazil, Russia, India, China, South Africa, and new members such as the United Arab Emirates, Iran, and Indonesia. But the real backdrop is much more political. This is directly a response to trade tensions with Washington and to Trump’s threats of 100% tariffs on any attempt to move away from the dollar.

What’s interesting is that none of these countries has fully rolled out its CBDC, but all of them have active pilots. India already rolled out the e-rupee in December 2022 and, according to reports, it reached 7 million retail users. China is expanding the digital yuan globally. In other words, the technical infrastructure already exists—what’s missing is the political agreement.

This move comes at a delicate time. Trade negotiations between India and the EE.UU. have been stalled for months. Modi delayed a call with Trump in the middle of last year, which was interpreted as a snub. Then came 50% tariffs on Indian imports, including 25% on Russian oil. Indian exporters of textiles, gems, and chemicals are suffering.

In that context, a new BRICS currency makes complete strategic sense. It’s not just technology—it’s a clear geopolitical play. Washington is already warning that any attempt to create alternatives to the dollar will face retaliation. But it seems the BRICS are determined to push ahead.

What’s next will be interesting to monitor. If they manage to coordinate a digital currency system among so many different economies, it could change dynamics that have been frozen in place for decades.