As the Ministry of Finance pushes for a cryptocurrency option, the Bank of Russia will promote the digital ruble in international trade

The Bank of Russia wants to introduce the digital ruble for use in international payments.
According to the Governor of the Central Bank of Russia (CBR), Elvira Nabiullina, who made the announcement in a broadcast of the Russia-24 TV channel, the CBR will “actively push” the use of the digital ruble in international transactions. The film celebrated the 220th anniversary of the Ministry of Finance of the Russian Federation.

According to Alexey Moiseev, Deputy Minister of Finance, these payments should soon be made legal. Chairman of the State Duma Financial Markets Committee Anatoly Aksakov has joined the call for acceptance of cryptocurrency payments in international trade. The State Duma is the lower house of the Russian parliament.

In light of Western sanctions, the department recently said it reached an agreement with the monetary authority on the need to allow cross-border crypto payments. According to the ministry, the two regulators came to the conclusion that “it is impossible to operate without cross-border cryptocurrency settlements” under the current circumstances.

The CBR has indicated that it intends to prioritize the use of state-issued digital currency in light of comments from senior government officials on the importance of using cryptocurrencies. as a method of payment that can reduce the pressure of sanctions on Russian exporters and importers.

The national introduction of the digital ruble by CBR will begin in 2023.
The governor noted that the Russian Central Bank’s (CBDC) digital currency pilot project, which will be completed next year, has attracted the interest of many Russian banks and other financial institutions, or that these companies are already participating in it. . She also mentioned that the digital ruble platform will be connected to digital currencies of other countries. The CBR Chairman remarked:

According to Nabiullina’s interview, which was quoted by Bits.media and RBC Crypto, digital financial assets (DFAs), which are defined as having an issuer under current Russian law, “are a desirable alternative to crypto- private currencies”. Russia is also considering stable settlements.

We will work hard to promote the adoption potential of the digital ruble for international transactions.

According to Nabiullina, subject to the success of the pilot project, the Bank of Russia will start introducing the digital ruble into national circulation in 2023 by carrying out specific types of transactions using the government-backed coin.

At the same time, according to Moiseev at the Eastern Economic Forum this week in Vladivostok, the Ministry of Finance intends to launch the regulatory framework for international cryptocurrency payments during the autumn session of the State Duma. ‘State. The official acknowledged that such transfers are still permitted, but stressed that there must be legal regulation of the conversion of cryptocurrencies into fiat currency.

Summary of news:

  • As the Ministry of Finance pushes for a cryptocurrency option, the Bank of Russia will promote the digital ruble in international trade
  • Check out all the news and articles from the latest business news updates.

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