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<h2 id="header-0">Russia is in the trial phase of developing its central bank digital currency (CBDC). As per the latest government reports, the country may employ its national digital currency to settle foreign trade.</h2>According to a local media outlet report, Russia is apparently planning to utilize the digital Ruble for mutual settlements with China by next year. The digital Ruble is currently being tested for bank settlement and is expected to be completed by early next year.In the third week of September, the US Treasury Department added 22 individuals and two Russian-based businesses to the sanctions list. With the West&#39;s increasing sanctions against Russia in the aftermath of the protracted conflict with Ukraine, the country has been aggressively seeking other financial and trade routes.Anatoly Aksakov, head of Russia&#39;s lower house of parliament&#39;s finance committee, has recognized that the geopolitical situation has curtailed Russia&#39;s access to the worldwide trade market. This is why they have been aggressively seeking alternative payment and trade settlement methods. As a result, national digital money appears to be the preferred option for the time being.“The topic of digital financial assets, the digital Ruble, and cryptocurrencies are heating up in society right now. Since Western nations are imposing sanctions and making financial transactions difficult, including in international settlements.”Russia has now joined the growing group of nations whose CBDC development is in the final phase. According to the latest monetary policy statement from the Bank of Russia, the central bank will begin connecting all banks and credit institutions to the digital Ruble network in 2024.The reports of the usage of the digital Ruble for mutual trade settlements came only a week after reports suggested that crypto may be used for cross-border payments.In 2020, Russia passed crypto legislation that outlawed the use of cryptocurrencies as a form of payment. However, the legislation does not prohibit other crypto-related activities such as mining and crypto trading.With the rise of sanctions and increasing uncertainty in the international trade sector, Russia has turned to its national digital currency as a medium of exchange to challenge the United States&#39; dominance.COINGABBAR VIEWS: Over the past few weeks, several nations around the world are planning to utilize CBDCs as a means of cross-border payment. Last month, <a href="https://www.coingabbar.com/en/crypto-currency-news-english/top-cryptocurrency-news-european-central-bank-favors-cbdcs-bitcoin-cross-border-payments-2" rel="noopener noreferrer nofollow">European Central Bank</a> favours CBDCs over crypto for cross-border payment.Read also: <a href="https://www.coingabbar.com/en/crypto-currency-news-english/ftx-beats-binance-to-acquire-voyager-digital-assets" rel="noopener noreferrer nofollow">FTX Beats Binance to Acquire Voyager Digital Assets</a>

Russia Intends to Use CBDC In International Settlements With China

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