Russia Considers CBDCs and Cryptocurrencies in Global Trade Dynamics
Elvira Nabiullina, the governor of the Russian Central Bank, has initiated discussions on the potential utilization of central bank digital currencies (CBDCs) as a means of payment in foreign trade.
Expressing a stance against the use of cryptocurrencies in domestic transactions, Nabiullina emphasized Russia’s willingness to explore their application in international trade. The Bank of Russia is actively engaging in conversations about CBDCs and cryptocurrencies for cross-border payments with friendly nations.
Nabiullina highlighted the digital ruble’s integration capability with other CBDCs and acknowledged ongoing discussions in the State Duma regarding a bill facilitating cryptocurrency use in foreign trade. In response to U.S. sanctions, Nabiullina acknowledged complications in cross-border settlements but emphasized the necessity for Russia and its allies to intensify efforts in creating alternative payment methods. This move comes amidst heightened international concerns about the potential misuse of cryptocurrencies by Russian entities to evade sanctions.
Clever Robot News Desk 2nd February 2024