Russia’s Central Bank Exploring Use of Crypto, CBDCs with BRICS Allies

[Cordillerabit]

The Governor of Russia’s Central Bank says she is speaking to BRICS member states about using “digital currencies” to power international trade.

Per RIA Novosti and 1Prime, the bank’s long-serving Governor Elvira Nabiullina said the Central Bank was “currently holding consultations with friendly countries, including BRICS members, on cross-border payments through digital currencies.”

Nabiullina remarked that “when creating the digital ruble platform,” the Central Bank had “made explicit the possibility of [the token’s] integration with similar foreign platforms.”

A key ally of President Vladimir Putin, Nabiullina has previously been bitterly opposed to all forms of crypto adoption.

She has repeatedly called for a China-style ban on crypto in Russia, including a block on crypto mining.

In recent times, however, her stance has changed. And in her most recent interview, Nabiullina made arguably her most pro-crypto comments yet. She said:

Source: https://cryptonews.com/news/russias-central-bank-exploring-use-of-crypto-cbdcs-with-brics-allies.htm

[fruktik]

If not for the sanctions, Nabiullina's stance on cryptocurrencies would never have changed. What happened? Is the situation in the economy so dire that it is necessary to look for ways not only to withdraw, but also to preserve the entire system? And I said a few years ago that the moment in time would be reassessed on the fly. All it takes is a little pressure and everything will change. That's what happened.

But no one is in a hurry to get involved with a country that constantly breaks the rules. There were so many cries about the creation of a new BRICS union. So what happened?

[bhadz]

They really are trying to make their own stand alone economy but is this going to be good enough? I don't think so but any development is welcome on them since they've been sanctioned heavily. So, having CBDCs is one centralized thing that they can do and with cryptos, I think that we've been seeing people there enjoying the usage of it. Enforcing it with allies on BRICS, many won't be obliged to do that.

[Zed0X]

If not for the sanctions, Nabiullina's stance on cryptocurrencies would never have changed.

CBDCs are based on blockchain but let's stop considering them as cryptocurrencies. I prefer to call it an upgrade of fiat (digital) now because of the use of blockchain tech. Nabiullina probably do not consider CBDC as crypto that's why she doesn't have a problem with its launching.