Russia has been doubling down on crypto usage to overcome the odds arising out of Western sanctions after the Ukraine invasion.
Russia is on course to launch its CBDC early next year and use the new currency in mutual settlements with China that has already tested its digital Yuan, a senior Russian lawmaker said in an interview.Russian CBDC to Take on US Hegemony
The digital ruble has been in the works over the past couple of years. It was primarily aimed at modernizing the country’s financial system and speeding up payments. But given the sanctions, its implementation is being fast-tracked, and Russian banks are reported to be testing it.The senior Russian lawmaker also hinted at the possibility of a new crypto regulation to come later this year.
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