Russia pushes ahead with de-dollarization and accelerates digital ruble

Within the framework of the process of de-dollarization of its economy, carried out by the Russian government, the country is giving priority to the digital ruble, the central bank digital currency (CBDC) that it has been developing since 2021.

The Eurasian country’s plan, as explained by Russian legislator Anatoly Aksakov, is incorporate digital currency into international trade from the country. The CBDC will be part of the payment system that they will implement as a way to evade the package of sanctions imposed by the West from 2022, as a result of the war with Ukraine.

Aksakov, who heads the State Duma Committee on Financial Markets, added that plans are for Russia to make international payments in digital rubles for the second half of 2025, thereby accelerating the toss of the coin.

During his participation in the Saint Petersburg International Economic Forum that took place a few days ago, the deputy recounted the efforts the government is making to get the digital ruble launched as soon as possible.

“I tell you that the digital ruble will probably be used for international payments next year and the first settlements will take place in a few months, although not in the first half of the year,” Aksakov told attendees.

The deputy is betting that the digital ruble and the rest of the CBDCs will be a fundamental part of international trade in the next 5 years.

To this end, Russia has been intensifying testing with CBDC, which started in August 2023, when the first phase of the pilot was launched. That same year, a law was approved that not only integrates the digital ruble into the Russian financial system, but also grants legal status to the digital currencies of all countries.

So far, through tests with the digital ruble, some 25,000 transactions have been executed, which include P2P payments and in commercial stores. The greatest achievement has been incorporating the CBDC in gas payment at Lukoilone of the three largest oil and gas companies in Russia.

However, the government’s main focus is put in international paymentshampered by sanctions.

The Russian government has chosen to use local currencies to continue trade, but its basic strategy is to have payment alternatives that help limit dependence on the dollar. A goal that Russia shares with its allied countries in the BRICS bloc.

CBDCs and bitcoin mining as part of de-dollarization

As CriptoNoticias has reported, the 10 nations that make up the international bloc that opposes the G7, They are what drive global de-dollarization. Along with China, Russia has become one of the engines that seeks to weaken the global dominance of the dollar.

With this in mind, the BRICS are working on creating their own payment system, based on CBDCs of the member countries. Hence the Russian government’s interest in accelerating the digital ruble, to continue on the path to de-dollarization.

This is a process that has been gaining strength for a few months, and that shows signs of progress with the fall of the Saudi Arabian petrodollar, and the consequent weakening of the participation of the US currency. in international reserves.

In this new geopolitical dynamic, CBDCs are expected to play an important role in helping Russia evade the blockade and move away from the dollar. Although Vladimir Putin’s government has another card up its sleeve: bitcoin mining.

Anton Gorelkin, deputy chairman of the State Duma’s political committee, recently wrote about this, indicating that the government intends to hurry the approval of a bill that regulates miningin order to obtain more resources to help sustain its economy amid the sanctions.

To do this, they closely follow the experience of Iran, which is also under sanctions from the United States and other Western countries. The Middle Eastern country integrated BTC miners into its financial system, with strict government control of its infrastructure.