Following the invasion of Ukraine, Russia is stepping up plans to make its central bank digital currency (CBDC), the digital ruble, usable for conducting international business transactions, including with China. This development could encourage other nations around the world to use CBDCs in mutual settlements with foreign partners, thereby accelerating the global adoption of cryptocurrencies.
Anatoly AksakovRussian lawmaker and head of the financial committee of the Duma, the lower house of the Russian parliament, said that after the launch of the CBDC planned for the beginning of next year, Moscow wants to use the digital ruble to decrease its dependence on towards Western financial institutions.
“Discussion on the subject of digital financial assets, digital ruble and cryptocurrencies is currently intensifying in society, as Western countries impose sanctions and create problems for bank transfers, including in international regulations,” said he said, quoted by Reuters.
Aksakov also underlined the project’s key role for the Russian economy, as financial flows can bypass systems controlled by countries that have strained relations with Russia. The Bank of Russiathe country’s central bank, and the government failed to reach a consensus on cryptocurrency regulation, but the MP said he hoped legislation would see the light of day by the end of 2022.
“If the launch goes as planned, then other countries will begin to actively use it in the future, and America’s control over the global financial system will effectively end,” he said.
Last March, the Bank of Russia announced the official launch of the digital ruble project, carrying out the first CBDC transfers between citizens. At the time of the announcement, three banks out of the 12 financial institutions in the CBDC pilot group had already integrated the digital ruble platform, with two of them finalizing a “full cycle of digital ruble transfers between customers using mobile banking apps,” according to the bank.
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