Russia wants to reduce the influence of other cryptocurrencies with the help of the digital ruble

Early next year, Russia plans to use a digital national currency in mutual settlements with China in an effort to «reduce Washington’s global financial hegemony.» This was stated by Anatoly Aksakov, chairman of the State Duma’s Financial Markets Committee. The central bank of the terrorist country is already testing the digital ruble. This is happening at a time when sanctions against Moscow due to its aggressive military actions in Ukraine have cut off Russia’s access to the global financial market infrastructure.

With this in mind, the occupier is looking for alternative ways to conduct transactions. «The topic of digital financial assets, the digital ruble and cryptocurrencies is now becoming more and more acute in society, as Western countries impose sanctions and create problems for bank transfers, including international payments,» Aksakov emphasized. He added that the digital direction is key for Russia, as financial flows can bypass systems controlled by «unfriendly countries.»

Aksakov noted that the next step for the digital ruble would be to launch it for mutual settlements with China, which has already tested its digital yuan. «If we launch this, other countries will start actively using our experience, and America’s control over the global financial system will actually cease,» Aksakov utopianly suggested.

As Western countries avoid cooperating with Russia, relations with Beijing remain Moscow’s only powerful alternative. The two countries have increased trade with each other, and Russian companies have begun issuing yuan-denominated debt. As a reminder, the country that sponsored terrorism announced its intention to create a digital ruble in mid-August. After the country banned the SWIFT payment system, the Bank of Russia announced that it would not object to the use of cryptocurrencies in international payments. Subsequently, Russian Prime Minister Mikhail Mishustin instructed the Ministry of Finance, the Central Bank, the FSB and a number of other agencies of the occupying country to agree on draft laws to regulate the issuance and circulation of digital currency, as well as its use in international payments by December 19. The government also ordered the Ministry of Finance to develop ideas for the use of digital assets, including decentralized technologies.