Russia, India Push Digital-Currency Trade Settlement to Reduce SWIFT Reliance
Uk Jin
Summary
- Russia and India said they are pursuing a plan to settle bilateral trade payments using digital currencies.
- The two countries' central banks are developing a mechanism to use digital currencies for trade settlement.
- They said adopting a digital currency-based payment system could speed up cross-border transactions and reduce reliance on SWIFT.
Forecast Trend Report by Period
Russia and India are moving to use digital currencies to settle bilateral trade payments, in a step aimed at speeding cross-border transactions and reducing reliance on SWIFT, the global interbank messaging network.
Walter Bloomberg reported on September 11 that Sberbank CEO German Gref said the central banks of Russia and India are developing a mechanism to use digital currencies for trade settlement between the two countries.
A digital currency-based payment system would allow the two countries to process cross-border payments more quickly, Gref said. It would also reduce their dependence on SWIFT.
BRICS had earlier said at a meeting that it would pursue faster and cheaper cross-border payments.
Uk Jin
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