Implementing central bank digital currencies in the countries of BRICS+: Problems and perspectives

The article analyzes the issues of implementing national and cross-border projects of central bank digital currencies (CBDC) in the countries of BRICS+. CBDCs are considered as one of the main tools enabling wider use of national cur-rencies in international settlements and streamlining cross-border payments. This study focuses on 10 member countries of BRICS including five founding members (Brazil, Russia, India, China, and South Africa) and five new members that have joined the bloc during 2024—2025 (Egypt, Ethiopia, Iran, Indonesia, and United Arab Emirates), as well as Saudi Arabia that has not confirmed its membership yet, and 10 countries, which received the status of “partner countries” starting since January 1, 2025 (Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Vietnam, Uganda, and Uzbekistan). The CBDC projects were analyzed using the common approach that includes 14 parameters in three groups characterizing various aspects of national digital currencies’ systems as well as basic information on the financial sector development in the countries under consideration. The authors examined major features of research and development processes and realization of national and cross-border projects of digital currencies, identified main challenges and proposed measures aimed at resolution of critical issues to lay the foundation for systemic implementation of CBDCs in cross-border payments within BRICS+.