Russian official says international CBDC payments will be the norm within 5 years


Central
bank
digital
currencies
(CBDCs)
are
expected
to
become
widespread
and
will
be
used
for
international
payments
as
a
norm
within
the
next
five
years,
according
to
Anatoly
Aksakov,
Chairman
of
the
Russian
State
Duma’s
Financial
Markets
Committee.

Aksakov
made
the
remarks
during
an
interview
at
the
St.
Petersburg
International
Economic
Forum
(SPIEF).
He
noted
that
currently,
few
countries
have
made
significant
advancements
in
implementing
national
digital
currencies.

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According
to
the
Russian
MP,
this
technological
lag
means
countries
are
not
yet
ready
to
use
digital
currencies
for
international
transactions.
However,
he
expressed
confidence
that
within
five
years,
this
will
become
standard
practice.

Domestic
payments
by
H2
2025

Aksakov
revealed
that
Russia
might
start
using
the
digital
ruble
for
international
transactions
as
soon
as
the
second
half
of
2025.
However,
he
also
emphasized
the
need
to
first
test
the
digital
ruble
domestically.

He
added
that
wider
implementation
within
the
country,
including
use
by
legal
entities,
is
necessary
before
expanding
its
use
internationally.
He
also
recommended
testing
budget
financing
with
smart
contracts
as
soon
as
possible.

Russia
has
been
at
the

forefront
of
CBDC
development,
with
the
Central
Bank
of
Russia
actively
working
on
the
digital
ruble.
The
concept
of
the
digital
ruble
emerged
as
part
of
a
broader
effort
to
modernize
the
country’s
financial
system
and
reduce
dependency
on
traditional
banking
infrastructure.

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In
October
2020,
the
Central
Bank
of
Russia
released
a
consultation
paper
outlining
the
potential
benefits
and
risks
of
introducing
a
digital
ruble.
Since
then,
Russia
has
been
testing
various
aspects
of
the
CBDC
in
pilot
programs.

Historically,
Russia
has
pursued
greater
financial
independence,
particularly
in
response
to

Western
sanctions.
The
introduction
of
the
digital
ruble
aligns
with
these
efforts,
aiming
to
facilitate
more
secure
and
efficient
financial
transactions,
bypassing
traditional
financial
systems
that
might
be
subject
to
international
pressures.

This
strategic
move
also
aims
to
enhance
Russia’s
economic
sovereignty
and
reduce
the
impact
of
foreign
sanctions
on
its
financial
system.

International
testing
partners

Aksakov
also
revealed
that
the
initial
testing
for
international
transactions
in
CBDCs
could
involve
China
or
Belarus.

He
said
that
China
has
made
significant
progress
with
the
digital
yuan,
and
both
Russia
and
China
have
experience
in
the
technology,
making
it
feasible
to
start
settling
transactions
via
digital
currencies.

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He
added
that
the
two
nations
are
“technologically
close,”
which
would
streamline
the
testing
process. Meanwhile,
Belarus
could
be
a
potential
partner
due
to
its
friendly
relations
with
Russia,
Aksakov
said.

Go to Source
Author: Assad Jafri


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