BRICS Plan for New Cyberspace Reinforces Digital Finance Focus
The BRICS nations are increasingly focused on establishing their own robust digital infrastructure, and the latest plans for a new cyberspace significantly reinforce this commitment, particularly concerning digital finance.
A BRICS-Focused Digital Future
Plans for a BRICS cyberspace would create yet another avenue for a multipolar world. However, it would also set the stage for a more inclusive and BRICS-focused digital ecosystem. This includes addressing key challenges and opportunities within the digital realm, as outlined in the BRICS Digital Economy Partnership Framework, launched in 2025. This framework represents a positive step towards a comprehensive digital governance framework.
CyberBRICS Project: A Three-Pronged Approach
The CyberBRICS project has a triple aim: to map existing regulations; to identify good practices and develop policy suggestions in the areas of i) cybersecurity and personal data regulations. This initiative highlights the importance of building a secure and reliable cyberspace for BRICS members.
Digital Governance and Security
In this chapter, we will analyse the declared priorities of the BRICS countries on global digital governance, especially cybersecurity, e-commerce, etc, applying discourse analysis. The BRICS countries are consolidating positions on combating terrorism and extremism in the digital space, as well as on developing a digital governance regime. This includes actively addressing cybersecurity concerns and fostering a secure online environment.
Prioritizing Key Areas
It recommends that BRICS prioritise four key areas: cybersecurity, digital payment solutions, responsible Artificial Intelligence (AI), and digital public goods to further the use of digital technologies for economic growth and societal benefit. BRICS has made progress in consolidating positions on combating terrorism and extremism in the digital space, as well as on developing a digital governance regime.
BRICS Bridge: Bridging the Financial Gap
Seventh, BRICS in February 2025 initiated a “multilateral digital settlement and payment platform” called BRICS Bridge that functions to bridge the gap between the financial markets of BRICS nations. This BRICS Bridge initiative aims to streamline digital payments and facilitate greater financial integration within the BRICS economic bloc.
The ongoing developments in the BRICS digital strategy showcase a clear focus on building a secure, inclusive, and financially robust digital future for its member nations.