Digital Currency Considered by Russian Central Bank to Tackle Cross-Border Payment Challenges

Elvira Nabiullina, head of Russia’s central bank, emphasized the need for new solutions to address challenges in cross-border settlements, including import payment difficulties and declining trade volumes.

She highlighted digital currencies and cooperation with global partners as key strategies to improve the situation. The Bank of Russia is actively exploring digital financial assets and central bank digital currencies (CBDCs) as potential tools for managing these issues, with a focus on bilateral and multilateral collaborations, such as within BRICS. Nabiullina noted that falling energy prices and steady imports have worsened the trade balance.

Clever Robot News Desk 17^th September 2024