Elvira Nabiullina: Digital ruble will be used for international trade

After the government announced the need to introduce DFA for cross-border payments, the Central Bank specified that the digital ruble would be used for these payments.

The Governor of the Bank of Russia, Elvira Nabiullina, in an interview for the Russia-24 TV documentary dedicated to the 220th anniversary of the Ministry of Finance of the Russian Federation, said that digital financial assets (DFA) are a desirable alternative to private cryptocurrencies. Nabiullina noted that in Russia, many banks and financial organizations are interested or are already participating in a pilot project to test the state digital currency of the Central Bank. The project will be completed by next year, she said.

Nabiullina noted that the digital ruble platform will be linked to the state digital currencies of other countries. Against the backdrop of statements by the Russian government about the importance of using cryptocurrencies as payments to reduce sanctions pressure on Russian exporters and importers, the Central Bank adheres to the scenario of using the state digital currency.

“We will actively promote the possibility of cross-border settlements using the digital ruble,” said the Governor of the Bank of Russia.

She added that subject to the successful completion of the pilot project of the digital ruble, the Central Bank of the Russian Federation will begin to carry out certain types of operations with the state digital currency in a limited amount. The purpose of these events is the gradual introduction of the digital ruble into domestic circulation.

Recently, a major Russian technology company, Rostec, said it would develop a project to integrate cryptocurrencies into cross-border trade in order to reduce sanctions pressure on exporters and importers. Earlier, Russian Prime Minister Mikhail Mishustin said that digital financial assets can become a safe alternative that will ensure uninterrupted payments in international trade.