India, Russia discuss CBDC payments as bilateral trade nears $60 billion

India and Russia have begun working on a digital currency settlement mechanism for bilateral trade as their central banks examine how state-issued currencies could be used for cross-border payments. Summary India and Russia are working on a mechanism that could use central bank digital currencies to settle bilateral trade payments. Sberbank CEO Herman Gref said the Bank of Russia and the Reserve Bank of India are working directly on the proposed digital currency system. Russia rolled out the digital ruble on Sept. 1, while India has been testing its e rupee since 2022 and examining cross border uses. The talks come as BRICS members discuss connecting national payment systems and using digital currencies for trade settlements. India and Russia recorded nearly $60 billion in bilateral trade in fiscal 2026 and are targeting $100 billion by the end of the decade. Sberbank Chief Executive Officer Herman Gref said the Bank of Russia and the Reserve Bank of India are working on the mechanism, with Russia’s largest lender supporting the effort as the two countries look for new ways to settle their expanding trade. “Now it’s only beginning, but we see huge opportunity for digital currency f...