Anatoly Aksakov, chairperson of the financial marekt committee of the Russian State Duma, said at the St. Petersburg International Economic Forum (SPIEF) that central bank digital currencies (CBDCs) will become ubiquitous and the norm for Global Payments within five years. He revealed that Russia may start using the digital ruble for international transactions in the second half of 2025, but first it needs to be tested domestically and widely implemented, including the use of legal entities.
The Central Bank of Russia has been actively developing the digital ruble with the aim of modernizing the country's financial system and reducing dependence on traditional banking infrastructure. Since 2020, Russia has been testing various aspects of the CBDC in pilot projects. The introduction of the digital ruble is not only to facilitate safer and more efficient financial transactions, but also to enhance Russia's economic sovereignty and reduce the impact of foreign sanctions on its financial system.
Aksakov also mentioned that the initial test of an international CBDC deal could involve China or Belarus, as the two countries are technically close and friendly.
Russia plans to start using the digital ruble for international transactions in the second half of 2025
2024-06-07 19:51:30
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