Russia To Begin Using CBDC For Cross-Border Trade In 2025

In a statement to Russian-stated media TASS, Chairman of the Russian State Duma’s Financial Markets Committee Anatoly Aksakov said at the St. Petersburg International Economic Forum (SPIEF):

Fundamentally, there are few countries that have made serious progress in using national digital currencies. This is why technologically they are simply not ready to launch a digital currency in mutual settlements with other countries. However, I am confident that it will be common practice within five years.

I admit that digital ruble will probably be used for international payments as early as next year, with first settlements carried out, not in the first half of the year though. It should be launched more widely within our country, including for being used by legal entities. I suggest that budget financing with the use of smart contracts be tested as quickly as possible.