Digital ruble will be used for settlements with China, the chairman of the State Duma says
Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market of the Russian Federation, said that one of the applications of the digital ruble will be international settlements with China.
Aksakov stressed that the use of the digital ruble for settlements on transactions with China will reduce the hegemony of the US dollar and speed up settlements. Now the Central Bank is preparing to test the digital ruble and continues to develop a platform for issuing and using the national digital currency.
According to Aksakov, the topic of digital financial assets, the digital ruble and cryptocurrencies is becoming more acute in our society, as Western countries continue to impose sanctions and prevent bank transfers, including in international settlements.
"Digital currencies are becoming a key direction, as with their help financial flows will be able to bypass systems controlled by unfriendly countries. If we launch the digital ruble, other countries will begin to actively use it, which will actually end America's control over the global financial system," the deputy said.
He recalled that China is also working on launching a national digital currency, and has repeatedly tested the digital yuan.