The governor of the Russian Central Bank said she is in talks with BRICS member states about using “digital currencies” to boost international trade.
According to RIA Novosti and 1Prime, the bank’s governor, Elvira Nabiullina, said that the central bank “is currently conducting consultations with friendly countries, including BRICS members, on cross-border payments via digital currencies.”
“When creating the digital ruble platform, the Central Bank explained the possibility of integrating [the token] with similar foreign platforms,” Nabiullina commented.
Nabiullina, a key ally of President Vladimir Putin, has strongly opposed all forms of cryptocurrency adoption.
He has repeatedly called for a Chinese-style ban on cryptocurrencies in Russia, including a ban on cryptocurrency mining.
However, recently her position has changed. In his latest interview, Nabiullina made her most pro-crypto comments to date. She said:
“Our position on cryptocurrencies is well known. We are against their use in payments within the country. At the same time, we support their use in foreign trade.”
The governor commented that a draft law that would give the green light to the use of cryptocurrencies in international payments “is being discussed in the State Duma.”
Nabiullina commented that “many countries are at different stages of development” of their central bank digital currencies.
The governor expressed optimism about the progress of the digital ruble. He said more commercial banks and private sector players are interested in joining the pilot programme. Nabiulina said:
“Everything is going absolutely according to plan. And it is very important that we see growing interest from financial institutions. They want to take part in the pilot.”
![The Presidents of Brazil, China, South Africa, and India, with the Russian Foreign Minister at last year’s BRICS summit in Johannesburg.](https://cryptonews.com/wp-content/uploads/2024/01/1706625814-53137353757_b23d331b70_c.jpg)
Are BRICS and “Russia-friendly countries” turning to CBDCs and cryptocurrencies?
BRICS members have previously discussed the idea of launching a “digital currency” for use in international trade.
Some BRICS countries, including Russia, use the Chinese yuan and the UAE dirham as a payment instrument instead of the dollar.
But Moscow believes that solutions involving digital interoperability will be preferable as reliance on dollars is reduced.
Earlier this month, a prominent Russian economist claimed that Western sanctions on his country would undermine the dollar and boost adoption of the digital ruble.