According to the Russian news agency Tass, the usage of digital currencies in cross-border payments will be entirely unlimited under a new payment system that will be introduced. This is according to Russian Finance Minister Anton Siluanov.
We are launching an alternative payment system based on modern technology, according to a quote from the finance minister.
Payment with No Restrictions
“There are no restrictions on this payment method. No other nation could intervene and halt such payments if two parties reached an agreement and made settlement payments, Siluanov emphasized.
In reaction to the economic sanctions imposed by the US and other Western nations after the commencement of the Russia-Ukraine war, Russia has intensified its efforts to reduce its dependency on the US dollar. The United States and its allies in the West have taken control of more than $300 billion in frozen assets held by the Russian central bank in foreign currencies.
- The usage of digital currencies in cross-border payments will be entirely unlimited.
- Russia is launching an alternative payment system based on modern technology.
- The construction of the digital ruble, a currency that would replace the U.S. dollar.
The construction of the digital ruble, a currency that would replace the U.S. dollar, has been investigated by the Bank of Russia. The Russian government accelerated its de-dollarization efforts in 2014, according to a report from the U.S. Congressional Research Service that was released in July 2021.
The report also notes that the introduction of a digital ruble “would further reduce Russia’s reliance on Western (and dollar-centered) payments infrastructure.”
In payments between Russia and China, the Russian ruble and the Chinese yuan have already taken the place of the US dollar, according to Finance Minister Siluanov, as reported by Tass.
The top official responded when asked if the ruble or yuan could take the place of the USD: We’re already considering this. This is the situation as it stands, for better or worse, in my opinion.
This is the money we use. Already, it has replaced [the dollar]. The structure of commerce between Russia and China shows that more than 70% of it is currently conducted in our respective national currencies.
