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Russian digital currency issued by Central Bank of Russia (CBDC) could be put into circulation before the end of 2023, the government says.
According to a Lenta.ru report, 19 Russian banks are currently collaborating with the Central Bank in the latest phase of testing the digital ruble. Moscow wants to speed up the introduction of its CBDC to de-dollarize international trade. Russia's Finance Minister Anton Siluanov said that the digital ruble will be "put into circulation before the end of 2023".
However, he did not clarify whether the rollout will be nationwide or phased out, as is the case in China.
According to the minister, the digital ruble will become a "transparent and reliable" tool as it allows users to "track all transactions and control spending". Importantly, the digital fiat currency will be "used in international settlements". Such a move will “preclude the interference of unfriendly parties in transactions with partners,” the minister claims.
Russia has suffered from disruptions in trade networks due to EU and US sanctions. However, Siluanov said: “[CBDC] is a payment system without any restrictions. Two countries can use it to negotiate and make their own accounts. And no other state can interfere or freeze these accounts."
Russian politicians have been talking about de-dollarization of trade for several years. They argue that state-owned stablecoins and digital fiat can help achieve this goal. MPs recently stated that they hope to introduce two bills related to cryptocurrencies in June. They are determined to legalize industrial cryptocurrency mining and allow limited use of cryptocurrencies as a payment tool in international trade agreements.
