Digital currencies to be unrestricted in cross-border payments
April 25, 2023
On Monday, Russian Finance Minister Anton Siluanov said that the use of digital currencies in international payments will be completely unrestricted.
"We are launching an alternative system of payments based on modern technologies (digital financial assets, digital currencies)," the minister said.
As per Siluanov, the future lies with the use of the digital ruble, the digital yuan, and other similar currencies.
“This is a system of payments that is bound by no restrictions. Two parties come to an agreement, make settlement payments, and no other country could step in and freeze such payments," he added.
Digital currencies can be could be used to make cross border payments, however, the process is still in the earliest phase of discussions.
The Bank of Russia is already taking drastic steps towards changing the current finance system.
As per the institution, the entire system of cross-border payments would undergo a transformation and could be based on national digital currencies in five to seven years.