prospects for international payments in digital finance – Kommersant
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The head of the Central Bank, Elvira Nabiullina, speaking at the VTB forum “Russia Calling!”, said that Russia is actively working on the development of digital financial assets. According to her, this is a promising instrument in international payments and the Russian side is discussing this issue with China.
“Despite the fact that investment cooperation and trade with China are actively developing, there is still huge potential ahead. And, of course, this potential needs to be supported by changes in the financial sector, in the area of payments. My colleagues and I constantly discuss a convenient payment mechanism, primarily in national currencies; there are prospects here, including digital finance,” said Ms. Nabiullina.
There is no shortage of finance in the Russian economy, Ms. Nabiullina noted. “We have a growth rate of financial results of more than 20%, and the entire economy earns somewhere between 2.5-3 trillion rubles a month,” said the head of the Central Bank. She added that the Bank of Russia is meeting with bankers and “representatives of the real sector of the economy.” “Everyone understands that there are resources,” Ms. Nabiullina emphasized.
In the spring, Elvira Nabiullina said that the Central Bank had prepared the necessary infrastructure solutions to adapt international payments to the requirements of partners. In particular, she said, in five to seven years, international payments could be based on digital currencies. To achieve this, it is necessary to expand the use of digital financial assets.
In October the Central Bank offered provide access to the digital ruble to foreign banks from 2025. This will allow cross-border payments to bypass SWIFT. Since August 15, 13 Russian banks have been conducting test operations with the digital ruble. Until 2025, the regulator does not plan to oblige banks to connect to the digital ruble.
Read more about digital financial assets in the Kommersant article. “Exchange, exchange all around”.
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