Russia to Trial Digital Asset Settlements in Foreign Trade
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Bank of Russia plans to pilot cross-border payments using digital assets and central bank digital currencies, according to a deputy governor. The top executive believes these alternative instruments could increase efficiency in foreign trade while such settlements will not be permitted inside Russia.
Russian Government Backs Initiative to Test Digital Assets in Payments Abroad
The Russian Federation intends to experiment with digital asset payments in settlements with trade partners, Deputy Chairman of the Central Bank of Russia (CBR), Alexey Guznov, told the daily Izvestia. Also quoted by the business news portal RBC, the official revealed that the plan is supported by the executive power in Moscow.
The use of digital financial assets (DFAs) has the potential to increase the efficiency of foreign trade, Guznov elaborated. At the same time, he made it clear that these settlements will not be allowed within the country, a position that has been consistently maintained by Russia’s monetary authority.
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