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BRICS: Russia tests CBDC for businesses and citizens

03.04.2024 16:00 2 min reading
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BRICS: Russia tests CBDC for businesses and citizens

BRICS member Russia is currently discussing the implementation of central bank digital currency (CBDC) concepts for the ruble to facilitate budget transactions for the population and businesses.

This strategic maneuver aims to support the adoption of the digital ruble by encouraging its widespread use among both citizens and businesses.

The main purpose of this one initiative is to reduce dependence on the US dollar and promote the ruble's prominence both domestically and internationally. As a leader in the campaign for dedollarization within the BRICS framework, Russia is now seeking to strengthen the acceptance of the ruble in the CBDC. If these plans come to fruition, Russia will begin trial phases to assess the sustainability of budget transactions in the country.

Elvira Nabiulina, governor of the Central Bank of Russia, confirmed that discussions are underway to explore the possibility of introducing digital payments in rubles for individuals and businesses. If these efforts prove successful, it is possible that other BRICS countries will follow suit by launching initiatives to establish CBDCs in order to reduce dependence on the US dollar.

It should be noted that approximately 90% of the world's central banks are involved in experimental phases related to CBDC. However, the United States remains on the sidelines, expressing reservations about the utility of CBDCs in the financial ecosystem.

This paradigm shift would elevate CBDC to a leading position while relegating the US dollar to a secondary role in the global economy. Therefore, it is imperative that the Federal Reserve quickly consider implementing a CBDC for the US dollar in order to maintain its competitive advantage in the face of evolving global financial dynamics.

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