BRICS Summit Endorses Payment Architecture to Expand Local-Currency Settlement

The 18th BRICS Summit adopted the New Delhi Declaration, backing a payment architecture designed to operate outside Western financial systems. According to ChainCatcher, the declaration commits members to expand trade and investment settled in local currencies, connect national payment systems, and study cross-border interoperability. The article also said BRICS Pay, described as a decentralized payment framework, links India’s UPI and Russia’s SPFS into a shared layer for clearing payments among member states.