A powerful political figure in Russia, Anatoly Aksakov, member of the State Duma and Chairman of the Financial Markets Committee, has presented the idea of a unique collaboration between Russia and China in the realm of Central Bank Digital Currencies (CBDCs). The suggestion evoked potential compatibility between the two countries’ CBDCs, which can pave the way for international payments. This highlights a new possibility of digital currencies infiltrating international trade.
Aksakov detailed this proposal at a recent forum focused on CBDCs. He expressed hopes of digital currency playing an influential role in foreign economic activity. It could enable the use of the digital ruble for international monetary exchanges. The potential compatibility of China’s present system with Russia’s future digital ruble opens doors for conversions between two major global currencies. The objective is to integrate the tokens into the countries’ economic operations.
However, Aksakov’s suggested approach towards implementation mirrors China’s CBDC strategy. Rather than rendering an uniform national launch date, China has been expanding their CBDC pilot zone for the digital yuan cautiously in different phases. This similar modus operandi by Moscow underpins Beijing’s influence in Russian financial governance, sparking contemplation on whether Russia’s CBDC drive has Chinese inspiration.
Meanwhile, managing the transition, Denis Polyakov, Deputy Director of the Russian Central Bank’s National Payment System, has underscored the digital ruble’s advantages. He believes it can decrease expenses for local businesses, as the payment commission drops to approximately 0.3%. Furthermore, it enables average citizens to conduct swift transactions, sans commissions.
Amidst these developments, tensions exist between Elvira Nabiullina, the Central Bank Governor and a close ally of President Vladimir Putin, and the pro-industry government ministries regarding crypto regulations. Known for her crypto-skeptical views, Nabiullina supports a stringent China-style crypto ban coupled with expedited launch of a digital ruble. Consequently, Aksakov’s push towards setting a legal framework for cryptocurrencies has witnessed hindrance.
Overall, these statements elucidate the divergent forces in the Russian cryptocurrency scene. Predominantly, it exposes the tussle between crypto-skeptics advocating for greater control and fast-paced CBDC adoption, and the liberal administrators favoring a regulatory approach that balances innovation and risk. In light of analysts’ predictions of the potential full-scale rollout of digital RUB by 2025, this delicate dance of perspectives is set to give the global cryptocurrency and blockchain industries a new direction to explore.
Source: Cryptonews
