Russia aims to use CBDC for international settlements with China: Report
Russia is currently in the pilot phase of its CBDC development and is expected to complete development early next year.
New
Russia is in the pilot phase of developing its central bank digital currency (CBDC), and new reports indicate that the country could use its national digital currency to settle international trade.
According to a report by Reuters, Russia plans to use the digital ruble for mutual settlements with China by next year. The digital ruble is currently being tested for settlement with banks and is expected to be completed early next year.
The U.S. Treasury Department added 22 individuals and two Russian-based entities to the sanctions list in the third week of September. With growing sanctions against Russia from the West following the ongoing conflict with Ukraine, the country has actively sought alternative financial routes and trade deals.
Anatoly Aksakov, Chairman of the Finance Committee of the Lower House of the Russian Parliament, recently admitted that the geopolitical crisis has limited Russia's accessibility to the international trade market. This is why they have been actively working for alternative payment methods and trade settlements, and the national digital currency seems to be the first choice at the moment. He said,
"The subject of digital financial assets, digital ruble and cryptocurrencies is currently escalating in society, as western countries impose sanctions and create problems for bank transfers, including in international settlements. "
Russia has joined the growing list of countries that are in the final stages of their CBDC development. According to the latest update of the Bank of Russia's monetary policy, the authority will begin to
Russia is currently in the pilot phase of its CBDC development and is expected to complete development early next year.
New
Russia is in the pilot phase of developing its central bank digital currency (CBDC), and new reports indicate that the country could use its national digital currency to settle international trade.
According to a report by Reuters, Russia plans to use the digital ruble for mutual settlements with China by next year. The digital ruble is currently being tested for settlement with banks and is expected to be completed early next year.
The U.S. Treasury Department added 22 individuals and two Russian-based entities to the sanctions list in the third week of September. With growing sanctions against Russia from the West following the ongoing conflict with Ukraine, the country has actively sought alternative financial routes and trade deals.
Anatoly Aksakov, Chairman of the Finance Committee of the Lower House of the Russian Parliament, recently admitted that the geopolitical crisis has limited Russia's accessibility to the international trade market. This is why they have been actively working for alternative payment methods and trade settlements, and the national digital currency seems to be the first choice at the moment. He said,
"The subject of digital financial assets, digital ruble and cryptocurrencies is currently escalating in society, as western countries impose sanctions and create problems for bank transfers, including in international settlements. "
Russia has joined the growing list of countries that are in the final stages of their CBDC development. According to the latest update of the Bank of Russia's monetary policy, the authority will begin to
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