According to Anatoly Aksakov, the Chairman of the State Duma Committee on the Financial Markets and MP for Chuvashia’s Kanash constituency, Russian domestic firms are planning to use the digital ruble - the nation's CBDC - in Latin America by 2025. Aksakov also mentioned that the digital ruble could potentially be used for mutual settlements with Latin American countries. These comments were made during the "Russia - Latin America" summit held in Moscow. Russia to use digital ruble in LATAM by 2025, Moscow claims.
He appealed to LATAM central bankers to forge closer links with Moscow on CBDC-related matters.
Aksakov said:
“In 2025, I am sure that the digital ruble will enter the international space. And it will be available for use in mutual settlements, including for companies in Latin American countries.”
The MP continued:
“We are ready to share our blockchain technology-related experience and our development capabilities with you. That will allow your central banks and companies to make wider use of this new [digital payments] channel.”
Aksakov added that the pilot would likely expand next year, and conclude with a national rollout in early 2025.
He said:
“We are now testing the digital ruble. I think that the digital ruble pilot will continue for about one year: Several months this year and into next year.”
The Central Bank has been cautious about revealing specific timelines for the rollout of its CBDC. However, the Deputy Governor has stated that a rollout is anticipated to take place sometime between 2025 and 2027. Given the ongoing Western sanctions that have hindered Russian trade efforts, many business leaders and politicians are exploring alternative options for trade, such as CBDC, BRICS digital currency, and even crypto-powered trading, as a way to reduce dependence on USD.
Russian CBDC Plans Include LATAM Expansion?
Aksakov is a prominent figure in Russia's legislative space, responsible for drafting laws on digital financial assets and cryptocurrencies. He also serves as the Duma's primary liaison with the Central Bank. Aksakov has expressed optimism about the future of Russia's digital ruble, suggesting that it may be compatible with China's digital yuan. He has also recommended lifting the buying caps on digital ruble holdings for non-Russians, thereby enabling them to purchase millions of tokens.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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