The RBI earlier proposed that BRICS members examine connecting their CBDCs to facilitate international payments. The initiative could eventually create government-backed digital settlement channels that bypass some of the intermediaries currently involved in moving money between countries. If different BRICS CBDCs became interoperable, a transaction could potentially move directly between sovereign digital-currency systems rather than passing through several commercial correspondent banks. Malhotra said the RBI continues working to encourage greater use of local currencies in trade and international payments. Cross-border payments are one of the areas where blockchain-based stablecoins have gained traction because conventional international transfers can remain slow and expensive.