Russia is reportedly close and on track to launch its CBDC early next year and will use the new currency in a joint settlement with China, which has already tested its digital Yuan, a senior Russian lawmaker said in an interview.
The move aims to reduce US hegemony over the global financial system, media reports said.
In one of the interviews, Anatoly Aksakov, the head of the finance committee in the Russian lower house of parliament, stated that the theme of digital financial assets, digital ruble and cryptocurrencies are now increasingly being talked about in the community due to the restrictions imposed by the west causing problems in money transfers .
Armed with that goal, Russia is constantly looking for alternatives to overcome the problem. On that basis, continued Aksakov, "If we launch this, then other countries will begin to actively use it in the future, and American control over the global financial system will effectively end,".
A digital ruble has been in the works for the past few years. It is mainly aimed at modernizing the country's financial system and speeding up payments. But given the sanctions imposed, its implementation is being accelerated and Russian banks are reportedly testing it.
Typically, Russia continues a strict exclusionary approach to digital assets, and planned CBDC projects. With the situation changing, the central bank is believed to have moderated its stance on the crypto regulation bill.
Earlier this month, the Ministry of Finance and the central bank agreed to use cryptocurrencies in cross-border payments to facilitate the country's trade with other countries.
