Russian Financial Market Security Committee Chair: "Use the Digital Ruble for BRICS Trade"
Summary
- Russia said it plans to use the digital ruble for trade settlements among BRICS countries.
- It said the Bank of Russia is aiming to introduce digital-ruble payments on Sept. 1.
- It said that using the digital ruble in BRICS trade could raise the possibility of changes in the structure of international settlements.
Russia said it plans to use the digital ruble for trade settlements among BRICS countries.
According to DL News, a media outlet specializing in virtual assets (cryptocurrencies), on the 12th (local time) Timur Aitov, chair of Russia’s Financial Market Security Committee, said in an interview that “BRICS countries need central bank digital currencies (CBDCs) to transact,” adding that this is “why the Bank of Russia is aiming to introduce digital-ruble payments on Sept. 1.”
He said, “Domestic demand for a CBDC is not particularly high. I agree with the argument that individuals, companies—especially banks—do not need a CBDC.” He added that “the digital ruble is, in many respects, an international project.”
Since Western sanctions, Russia has sought alternative payment systems to reduce its reliance on the dollar-centric settlement network. If the digital ruble is used in trade among BRICS countries, it has been raised that changes could emerge in the structure of international settlements.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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