Russia Is Considering Testing CBDC Payments With China

Russia intends to utilize its central bank digital currency (CBDC), the digital ruble, in testing to conduct mutual payments with China, citing a senior Russian legislator.

According to Reuters, Anatoly Aksakov, head of the country’s lower house of parliament’s finance committee, told a parliamentary publication that the topic of digital assets, the digital ruble, and cryptocurrencies has become heated in society because “Western countries are imposing sanctions and creating problems for bank transfers, including in international settlements.”

According to Aksakov, the next phase in the development of the digital ruble will be to utilize it for mutual settlements with China.

Russia’s CBDC initiative comes as Western nations placed sanctions on the country earlier this year for its activities in Ukraine.

As a result, Russia has been looking for other means to conduct cross-border transactions, according to Aksakov.

As CoinCu reported, the Central Bank of Russia and the country’s Ministry of Finance are said to have reached an agreement to enable cross-border payments in cryptocurrencies.

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