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Russia And BRICS Alliance Are Testing Cryptocurrencies And CBDCs

The head of the Central Bank of Russia said that Russia is currently discussing with other BRICS countries the use of cryptocurrencies. This involves the use of digital currencies for cross-border payments BRICS countries had previously discussed developing their own digital currencies to trade with each other The head of the Central Bank of Russia, Elvira Nabiullina, is actually known for her negative attitude towards crypto. Now she has stated in the Russian media that Russia is considering using digital currencies to trade with other BRICS countries.

More specifically, the Central Bank of Russia is in talks with countries such as Brazil, Iran, India and China. Other countries that are friendly to Russia also participated in the talks.

Russia is preparing a digital platform for token exchanges

This is a platform for the digital ruble. In the discussions, she also said that Russia has a clear interest in integrating tokens with similar foreign platforms.

Elwira Nabiullina had previously criticized cryptocurrencies and even called for a ban. She also wanted to ban crypto mining in Russia like China did.

This attitude has changed now. In Russia, they still do not want people to be able to invest in bitcoin. However, they can use them in international trade. The Duma is discussing a proposal to use cryptocurrencies for international trade.

CBDCs are on the rise

At the same time, this is also related to the development of CBDCs (central bank digital currencies). BRICS countries are at different stages of developing their own central bank digital currencies. Elwira Nabiullina said that commercial banks and private companies are also interested in the pilot phase of the digital ruble.

The head of the Central Bank of Russia said, “Everything is going according to plan”. Currently, some BRICS countries have already used the yuan or the UAE dirham instead of the dollar for international payments.

However, Russia believes that the digital ruble will be the best choice for such international payments. The sanctions imposed by the West make it difficult to use the dollar for cross-border payments. The sanctions are more likely to encourage the development of our own digital currencies.

Sentiment: Positive

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