Russian Finance Minister Anton Siluanov said in a statement that the use of digital currencies for international payments will be completely unlimited.
"We are launching an alternative payment system based on modern technologies (digital financial assets, digital currencies)," said the minister, adding:
“Digital currencies can be used for cross-border payments. This is still in the earliest stages of discussions, but the future lies in the use of digital rubles, digital yuan and other similar currencies. This is a payment system without any restrictions. The two sides come to an agreement, make settlement payments, and no other country can step in and freeze such payments.”
The Central Bank of Russia had previously said that the entire cross-border payment system would undergo a transformation and could be based on national digital currencies in five to seven years.
After the Russia-Ukraine war, numerous economic sanctions were imposed on Russia by the United States and other countries. This has led Russia to be less dependent on the US dollar. The country also continues to take steps towards its goal of de-dollarization lately. This is said to be a coordinated effort to reduce reliance on the US dollar.
*Not investment advice.