News and Opinion: September 28, 2022. Russia Plans to Use Digital Ruble in Transactions with China

in LeoFinance2 years ago

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Russia is considering the use of the digital ruble as one of the ways to settle transactions with China. This way will bypass sanctions placed by western countries, which included the removal of Russian banking institutions from the SWIFT system.

The use of central bank digital currencies (CBDC's) is controversial because it removes anonymity from transactions. So far, the plans are to use the digital ruble in international transactions, but its use for the general public may come next, posing questions regarding privacy and control by central banks.

For further information, read this article

This post is intended to only raise awareness. In order to make actual financial decisions please contact your financial advisor and/or tax advisor prior to making the decision.
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I have read your report. Russia appears to be making progress towards the use of CBDCs, probably the situation in which it is giving it an incentive to initiate these processes. However, it will be necessary to understand whether China will accept these payments. In my opinion, another factor that will influence Russia's CBDC project will also be the list of who may be interested in trading with Russia and currently the business field for Russia has narrowed.