BRICS: Russia to Test Digital Ruble For Citizens & Businesses
BRICS member Russia is discussing implementing ideas of a Central Bank Digital Currency (CBDC) for the ruble to be used as budget payments for its citizens and businesses. The move will help localize the digital ruble making citizens and businesses use the currency widely. Russia aims to reduce dependency on the US dollar and popularize the Ruble in both the local and global markets. The country is leading the de-dollarization agenda with BRICS and now wants to make the CBDC Ruble gain popularity. If the plan goes through, Russia will initiate pilot runs and test the methods of budget payments in the country. Also Read: 3 U.S. Sectors To Be Affected If BRICS Ditches the Dollar The Central Bank of Russia Governor Elvira Nabiullina confirmed that the country is discussing testing digital ruble payments for citizens and businesses. If this becomes a success, BRICS could follow suit and kick-start CBDC campaigns to end reliance on the US dollar. “We are conduc...