BRICS members are exploring plans to connect their CBDCs and fast payment systems, a move that could cut the cost of moving money between the bloc’s economies, Reserve Bank of India Governor Sanjay Malhotra said on Tuesday. “Various options are on the table, but it is still at the discussion stage, including CBDCs (central bank digital currencies) and linkages of fast payment systems,” he said. Why BRICS linking CBDCs could cut costsCBDCs are digital forms of countries’ official currencies, issued directly by their central banks. The country’s goal to internationalize its currency is a major reason to continue to push to link CBDCs amongst the BRICS countries. The governor also spoke at the event about Indian banks and financial institutions and their use of AI.