Russia's CBDC should be introduced in 2025 - do banks want faster progress?

Russia's CBDC should be introduced in 2025 - do banks want faster progress?

Russian experts assume that the central bank will introduce its digital rubles by 2025. The country's largest banks have already signaled their willingness to work with the digital central bank currency (CBDC). The central bank is trying to accelerate the introduction of its CBDC and hopes that the citizens will have access to it from 2025 at the latest.

The sanctions imposed by the USA and the EU against Russia have led Moscow difficulty acting with the US dollar. For this reason, the central bank would like to introduce the CBDC to free Russia from the dollar trade in the long term. Although the central bank has declared that cross-border CBDCs are still in distant, a Brics Stablecoin and a gold-covered token that could be used in trade with Iran have already been discussed.

Russian and Iranian crypto leaders have strengthened their cooperation efforts in the past few months. It is expected that state-supported StableCoin plans will be checked again in August.

In contrast to Beijing, Moscow plans to use his CBDC, especially in the cross -border payment area with friendly countries. Russian banks show great interest in participating in the project. Some banks have already declared that they are technically ready and want to take part in pilot projects. VTB Bank has already developed a prototype coin for a limited circle of customers and employees.

China was one of the first countries that CBDC introduced to protect the economy from the criminal influence of cryptocurrencies.

It remains to be seen how quickly the central bank can introduce the digital ruble and whether the cooperation efforts with other countries will bear fruit. However, the CBDC could have the potential to strengthen the trade and economy of Russia and to create more confident payment routes.