Integration of central bank digital currencies (CBDC) into the BRICS payment system: prerequisites, mechanisms and consequences

Mikhaela I. Livenets, Asia M. Ugurchieva and Karina A. Ishmithova
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Mikhaela I. Livenets: Nizhnevartovsk State University
Asia M. Ugurchieva: Nizhnevartovsk State University
Karina A. Ishmithova: Nizhnevartovsk State University

Siberian Journal of Economic and Business Studies, 2026, vol. 15, issue 2, 142-161

Abstract: Background. In the context of the formation of a multipolar monetary and financial architecture, BRICS countries face high correspondent transfer costs and sanction risks. Based on macroeconomic indicators, legal acts and empirical data on the development of CBDCs (e-CNY, digital ruble, e₹, Drex), the article assesses the integration potential of digital currencies for cross-border settlements. The purpose of the study is to assess the degree of readiness of BRICS countries for CBDC integration, taking into account technological and regulatory heterogeneity, and on this basis to identify scenarios for the evolution of the payment system. Materials and methods. Systemic and comparative analysis, the author's readiness index (R = 0.4T + 0.3Rreg + 0.3E), the weights of which are substantiated by the Delphi method. Quantitative indicators (CBDC issuance volume, number of transactions, share of settlements in national currencies) were used to normalize data when calculating the author's readiness index. The article is based on a set of sources, including legal acts, statistical materials of national central banks (China, Russia, India), data from international trackers (Atlantic Council CBDC Tracker) and analytical reports (BRICS Council), as well as empirical data on the mBridge and BRICS Bridge projects. Results. The prerequisites for the transition from bilateral clearing agreements to multilateral digital platforms such as mBridge and BRICS Bridge are substantiated. A significant differentiation of BRICS countries in terms of readiness for digital integration is revealed, amounting to up to 40 points of the proposed author's index. This approach to assessing the degree of integration readiness of payment systems allows differentiating countries by the level of CBDC development, the maturity of payment infrastructure, and the regulatory elaboration of cross-border settlements. Three possible scenarios for the further evolution of the BRICS payment system (coordination, inertial, fragmentation) are formulated with an assessment of their probability. Potential positive effects, such as reduction of transaction costs, acceleration of settlements, increased financial autonomy, as well as systemic risks, are identified.

Keywords: BRICS; central bank digital currencies; payment system; cross-border settlements; BRICS Pay; mBridge; financial integration (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:cxm:rusebs:15:2:2026:142-161

DOI: 10.12731/3033-5973-2026-15-2-334

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