Deputy Aksakov allows the possibility of the use of the digital ruble in settlements with China

The official said that the country is actively working on alternative methods of payment and trade settlements

27.09.2022 - 10:30

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What’s new? Russia plans to use the digital ruble for mutual settlements with China, reports Reuters, citing Anatoly Aksakov, head of the State Duma Committee on the Financial Market. The launch of the national cryptocurrency project is expected in the first half of 2023. Currently, 15 Russian banks are testing the asset. Aksakov said that Russia is actively working on alternative methods of payment and trade settlements. The reason for this was the geopolitical crisis, which limited the country’s access to the international trade market.

Material by Reuters

What else does the publication report? According to Aksakov, the topic of digital financial assets (DFAs), the digital ruble, and cryptocurrencies has now intensified in society as Western countries impose sanctions and create problems for bank transfers, including in international settlements.

The Ministry of Finance, the Federal Financial Monitoring Service, and the Bank of Russia already started developing the draft law that would regulate transactions with DFAs and international payments in cryptocurrency. Aksakov noted that the document may be adopted in November. In addition, Russian banks will include the digital ruble in their financial statements starting in 2023.

In June, Olga Skorobogatova, First Deputy Governor of the Bank of Russia, said that the implementation of the digital ruble into the domestic financial system and ensuring cross-border interaction with CBCDs of other countries would replace SWIFT amid Russian institutions’ disconnection from this international system.

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